Sandia Corporation manufactures metal toolboxes. It adds all materials at the be

Question

Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information Units 34,000 Costs $31,000 120,000 Beginning work in process (23% complete) Direct materials Conversion cost 89,000 Total cost of beginning work in process Number of units started Number of units completed and transferred to finished goods Ending work in process (53% complete) Current period costs 67,000 89,000 Direct materials Conversion cost $89,000 162,000 $251,000 Total current period costs Required 1 & 2. Using the weighted-average method of process costing, complete each of the following steps a. Reconcile the number of physical units worked on during the period. Physical Units Physical Units Beginning Units Units Started Total Units Units Completed Ending Units Total Units b. Calculate the number of equivalent units. Equivalent Units Physical Units Direct Materials Conversion Units Completed Ending Inventory Total

Explanation / Answer

a Physical units Physical units Beginning units 34000 Units completed 12000 Units started 67000 Ending units 89000 Total units 101000 Total units 101000 b Physical units Direct materials Conversion Units completed 12000 12000 12000 Ending inventory 89000 89000 47170 Total 101000 101000 59170 c Direct materials Conversion Total cost 120000 251000 Equivalent units 101000 59170 Cost per Equivalent unit 1.18812 4.24201 d Direct materials Conversion Total cost Units completed 14257 50904 65161 Ending inventory 105743 200096 305839 Total cost accounted for 120000 251000 371000

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