The following information concerns production in the Forging Department for Sept

Question

The following information concerns production in the Forging Department for September. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $92,020 of direct materials. Based on the above data, determine each of the following amounts. If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. Cost of beginning work in process inventory completed in September. Cost of units transferred to the next department during September. Cost of ending work in process inventory on September 30.

Explanation / Answer

All Amounts in $ a. Cost of beginning work in process inventory completed in September 69603 $ b. Opening Work in Process units 8600 Units processed during the month 78000 Units transferred to next department 79700 Closing Work in Process Units 6900 Equivalent Units of Production in September From Opening Work in Process, 40% completion 3440 Units transferred to next department 79700 Closing Work in Process, 80% completed 5520 Total Equivalent Units 88660 Total Costs incurred on Opening Work in Process (as above) 69603 on Units processed during September 1019150 Total Costs incurred 1088753 Cost per equivalent unit 12.28009 $ Cost of units transferred to next department 978723.4 $ c. Cost of Ending Work in Process Inventory on September 30 67786 $

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