?https://newoonned.mheducation.com/flow/connect.html Homework 0 Exercise 20-20 W

Question

?https://newoonned.mheducation.com/flow/connect.html Homework 0 Exercise 20-20 Weighted average: Process cost summary LO C3 Hi-Test Company uses the weighted-average method of process cosing to essign production costs to its products. Information for September follows. Assume that all matertais are added at the baginning of ts production process, and that conversion costs are added untformly throughout the process work in process inventory, September 1 (4,500 units, 100% complete with respect to direct materials, 7ex complete with respect to direct labor and overhend; includes $54,eee of direct saterials cost, $48,100 in direct labor cost, $51,see overhead cost) $153,9e Units started in September Units completed and transferred to finished goods inventory work in process inventory, september 30 (? units, 1eex complete with respect to direct 35, 5ee 0,5e0 materials, 36% complete with respect to direct labor and overhead) Costs incurred in Septeeber Direct materials Conversion $450,000 5367,000 Required Compute each of the following, assuming Hi.Test uses the weighted-average method of process costing. (Round"Cost per EUP to 2 decimal places) 1. The number of physical units that were transferred out and the number that are in ending work in process inventory 283. The number of equivalent units for materials and conversion for the month 4&5. The cost per equlvalent unt of matenals and conversion for the month 6. The total cost of goods transferred out 7. The total cost of ending work In process inventory Complete this question by entering your answers in the tabs below. Required 1and 3 and 5 The number of physical units that were transferred out and the number thas are in ending work in process inventory Units to account for here to search 0I DOLL

Explanation / Answer

Req 1 UNITS TO ACCOUNT FOR: Beginning Work in Process units 4,500 Add: Units Started in Process 35,500 Total Units to account for: 40,000 UNITS TO BE ACCOUNTED FOR: Units started and completed 30,500 Ending Work in Process 9,500 Total Units to be accounted for: 40,000 Req 2&3 Equivalent Units: UNITS Material Cost Conversion % Completion Units % Completion Units Units started and completed 30500 100% 30,500 100% 30,500 Ending Work in Process 9500 100% 9,500 30% 2,850 Total Equivalent units 40,000 33,350 Req 4&5 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 4,000 49,900 Cost Added during May 450,000 367,000 Total Cost to account for: 454,000 416,900 Equivalent Units 40,000 33,350 Cost per Equivalent unit 11.35 12.5 Req 6 TOTAL COST ACCOUNTED FOR: Units Transferred out (30500 units) Equivalent unit Cost per EU Total Cost Material 30,500 11.35 346175 Conversion Cost 30,500 12.5 381250 Total Cost of Units completed and transferred out: 727425 Req 7 Ending Work in process (9500 units) Equivalent unit Cost per EU Total Cost Material 9,500 11.35 107825 Conversison Cost 2,850 12.5 35625 Total cost of Ending Work in process: 143,450

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