Calculate the cost per equivalent unit of material and conversion cost for Janua

Question

Calculate the cost per equivalent unit of material and conversion cost for January - using the Weighted Average Approach Units Materials Conversion Work in process January 1 2,500 50% 35% Work in process January 31 45% 25% Materials cost in work in process January 1 $25,000 Conversion costs in work in process January 1 $10,000 Units started in production 12,000 Units transferred to the next department 8,000 Materials cost added during January $20,000 Conversion costs added during January $7,500 Complete the grey cells that required information. Beginning Inventory Units Started this Period Units to be accounted for Direct Materials Conversion Costs Units in process January Units completed & transferred out Ending Inventory Units accounted for Direct Materials Conversion Costs Beginning Inventory Current Costs Total Costs Equivalent Units Materials Conversion Units completed and transferred out Work in process, January 31: Equivalent units of production in work in process Total Cost Materials Conversion Cost to be accounted for: Work in process, January 1 Costs added in January    Total Cost Equivalent units Cost per equivalent unit Calculate the cost per equivalent unit of material and conversion cost for January - using the Weighted Average Approach Units Materials Conversion Work in process January 1 2,500 50% 35% Work in process January 31 45% 25% Materials cost in work in process January 1 $25,000 Conversion costs in work in process January 1 $10,000 Units started in production 12,000 Units transferred to the next department 8,000 Materials cost added during January $20,000 Conversion costs added during January $7,500 Complete the grey cells that required information. Beginning Inventory Units Started this Period Units to be accounted for Direct Materials Conversion Costs Units in process January Units completed & transferred out Ending Inventory Units accounted for Direct Materials Conversion Costs Beginning Inventory Current Costs Total Costs Equivalent Units Materials Conversion Units completed and transferred out Work in process, January 31: Equivalent units of production in work in process Total Cost Materials Conversion Cost to be accounted for: Work in process, January 1 Costs added in January    Total Cost Equivalent units Cost per equivalent unit

Explanation / Answer

Solution :

Computation of Equivalent unit of Production - Weighted Average Particulars Physical Units Material Conversion Unit completed & Transferred out 8000 8000 8000 Closing WIP: (2500+12000-8000) 6500 Material (45%) 2925 Conversion (25%) 1625 Equivalent units of production 14500 10925 9625

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