Required information [The following information applies to the questions display

Question

Required information [The following information applies to the questions displayed below.] During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 67,000 were in process in the production department at the beginning of April and 268,000 were started and completed in April. April's beginning inventory units were 70% complete with respect to materials and 30% complete with respect to conversion. At the end of April, 89,000 additional units were in process in the production department and were 85% complete with respect to materials and 35% complete with respect to conversion. The production department had $960,300 of direct materials and $768,231 of conversion costs charged to it during April. Also, its beginning inventory of $185,754 consists of $148,455 of direct materials cost and $37,299 of conversion costs 1&2. Using the weighted-average method, compute the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the department's output. (Round "Cost per EUP" to 2 decimal places.)

Explanation / Answer

Equivalent units of production (EUP)-Weighted Average Method Physical Units % Materials EUP-Materials % Conversion EUP-Conversion Units completed (67000+268000)            3,35,000 100%              3,35,000 100%                 3,35,000 Ending Units in process                89,000 85%                 75,650 35%                     31,150 Equivalent units of production            4,24,000              4,10,650                 3,66,150 Cost per equivalent unit of production Materials Conversion Total Beginning Work in process $          1,48,455 $             37,299 $          1,85,754 Cost incurred during April $          9,60,300 $         7,68,231 $       17,28,531 Total $       11,08,755 $         8,05,530 $       19,14,285 ÷ Equivalent Units of production              4,10,650              3,66,150 Cost per equivalent unit $                  2.70 $                  2.20 Total Total costs to account for: Beginning Work in process $        1,85,754 Cost incurred during the April $      17,28,531 Total costs to account for $      19,14,285 Total costs accounted for $      19,14,285 Difference due to rounding cost/unit 0 Cost assignment and reconcilation Costs of units transferred out: EUP Cost per EUP Total cost Direct Materials            3,35,000 $                  2.70 $         9,04,500 Conversion            3,35,000 $                  2.20 $         7,37,000 Total costs transferred out $       16,41,500 Costs of ending Work in process: Direct Materials                75,650 $                  2.70 $         2,04,255 Conversion                31,150 $                  2.20 $             68,530 Total costs of ending Work in process $          2,72,785 Total costs accounted for $       19,14,285

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