Either print a copy of your worksheet or make a copy of the worksheet in your wo

Question

Either print a copy of your worksheet or make a copy of the worksheet in your workbook before proceeding You will need to refer back to this worksheet. Change the percentage completion with respect to conversion for the beginning inventory from 60% to 85%, but keep everything the same as in Requirement 2, The data area of your worksheet should now look like this 3 Data 4 Beginning work in process inventory 5 Units in process 6 Completion with respect to materials 7 Completion with respect to conversion 8 Costs in the beginning work in process inventory: 700 25 % 85 % 56,117 $37,494 18,700 Materials cost 10 Conversion cost 11 Units started into production during the period 12 Costs added to production during the period 13 Materials cost 14 Conversion cost 15 Ending work in process inventory: 16 Units in process 17 Completion with respect to materials 18 Completion with respect to conversion $646,623 $1,651,074 800 40 % 90 % If your formulas are correct, you should get the correct answers to the following questions. (a) What is the equivalent units of production for materials? Equivalent units of production for materials (b) What is the equivalent units of production for conversion? Equivalent units of production for conversion (c) What is the cost per equivalent unit for materials? (Round your answer to 2 decimal places.) Cost per equivalent unit for materials

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 700 Add: Units Started in Process 18,700 Total Units to account for: 19,400 UNITS TO BE ACCOUNTED FOR: Units started and completed 18,600 Ending Work in Process 800 Total Units to be accounted for: 19,400 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units started and completed 100% 18,600 100% 18,600 Ending Work in Process 40% 320 90% 720 Total Equivalent units 18,920 19,320 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 6,117 37,494 Cost Added during May 646,623 1,651,074 Total Cost to account for: 652,740 1,688,568 Total Cost to account for: 2,341,308 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 652,740 1,688,568 Equivalent Units 18,920 19,320 Cost per Equivalent unit 34.5 87.4 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (1860000 units) Equivalent unit Cost per EU Total Cost Material 18,600 34.5 641700 Conversion Cost 18,600 87.4 1625640 Total Cost of Units completed and transferred out: 2267340 Ending Work in process (800 units) Equivalent unit Cost per EU Total Cost Material 320 34.5 11040 Conversison Cost 720 87.4 62928 Total cost of Ending Work in process: 73,968 Total Cost of completed units 2,341,308 Reqa: Equivalent units of material: 18920 units Req b: Equivalent unit of conversion: 19320 Req c: Cost per equivalent unit of maetrial: $ 34.50 per unit Reqd: Cost per equivalen t unit of conversion: $ 87.40 per unit Req e: Cost of units transaferred out: 2267,340 Req f: All the statement are true. 1. In weighted average, the percentage completion of beginning inventory has no effect on eq. units 2. IN weighted average, the percentage completion of begininig inventory has no effect on cost perunit 3. In weighted average, the percentage completion of beginning inventory has not effect on units completed and transferred out.

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