must Match the appropriate units to the ppioprldte cost. Example: Waldo Manufact

Question

must Match the appropriate units to the ppioprldte cost. Example: Waldo Manufacturing uses a process cost system. The Molding Department add materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. The following information pertains to September for the Molding Department. Work-in-Process September1 Materials Costs in Beginning Inventory Conversion Costs in Beginning Inventory 16,000 units $41,000 $42,000 Started during September Materials Costs in September Conversion Costs in September Units Completed and Transferred Out % completion of ending wIP 50,000 units $157,000 $ 93,000 46,000 units 100% materials, 40% conversion A. Calculate the equivalent units of production using the weighted average method. B. Calculate the total costs to account for. C. Calculate total cost per equivalent unit of production. D. Calculate the cost of goods transferred to the molding department during September. E. Calculate the cost of September's ending work-in-process for the molding department. nts in end wiP Con Tote

Explanation / Answer

Statement of Equivalent production Particulars Direct Materials %completion Equivalent mat Conversion %completion Equivalent Conv Total Opening WIP          16,000.00 100%          16,000.00          16,000.00 100%            16,000.00 Units started and completed =46000 - 16000          30,000.00 100%          30,000.00          30,000.00 100%            30,000.00 ending WIP          20,000.00 100%          20,000.00          20,000.00 40%              8,000.00 a) Equivalent Units of production          66,000.00            54,000.00 Opening WIP Costs          41,000.00            42,000.00        83,000.00 Current Month Costs       157,000.00            93,000.00      250,000.00 b) Total costs to account for       198,000.00         135,000.00      333,000.00 c) Cost per Equivalent units                    3.00                      2.50 Ending WIP Units          20,000.00              8,000.00 e) Cost of Ending WIP          60,000.00            20,000.00        80,000.00 Units completed and transferred out          46,000.00            46,000.00 d) Cost of Units completed and transferred out       138,000.00         115,000.00      253,000.00

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