3 Cournes HOMEWORK FOR EXAM 1 (ChaptersBo Show Me HoewCloo The tui0wing rhmation

Question

3 Cournes HOMEWORK FOR EXAM 1 (ChaptersBo Show Me HoewCloo The tui0wing rhmation o..ns ction in the Bakng Departnere for March. All drect materas are placed in process at the begining d producen. ACCOUNT Work in Process-Baking Department Salance Debit Crdi a B7.500 its, 2/5 completed Direct materials, 135,000 units 243,000 258,750 328,420 67,614 55,530 2,084 2,084 11 Factory overmead 9,194 1 Ba units, 25 comoleted materia's cost coper eqvalent unit cost per equvient unit. Cost of the beginning work in process completed during March units slated and competed during March b. Assuming thet the dinect materials cost per esuivalent unt increase, decrease, or remain the ame in March? 5

Explanation / Answer

Baking Department Product Cost Report as per FIFO Method Statement of equivalent production(FIFO) Materials Conversion Costs Particulars Input Particulars Output     % Equivalent Units     % Equivalent Units Beginning WIP 7500 Addition 135000 Opening WIP 7500 0 0 60 4500 Completed & transferred 129300 100 129300 100 129300 Total transfer 136800 129300 133800 Ending WIP 5700 100 5700 40 2280 142500 Total 142500 135000 136080 Cost element Total costs Equivalent units Cost per Equivalent units Material 243000 135000 1.800 Conversion costs 108864 136080 0.800 Total 351864 Note : Conversion cost includes Direct Labor & Factory overhead Cost of the beginning work in process completed in March Conversion Costs 4500 0.80 3600.00 Add : Beginning Balance 15750.00 Total Cost of Beginning work in Process completed in March including cost of beginning Balance 7500 19350.00 Cost of units started & completed Units Costs Total costs Direct Materials 129300 1.800 232740.00 Conversion Costs 129300 0.800 103440.00 Total cost of Units started & Completed 336180 Total cost of finished goods 136800 355530 Ending Inventory Units Costs Total costs Direct Materials 5700 1.800 10260.00 Conversion Costs 2280 0.800 1824.00 Cost of ending Inventory 12084 Total Cost allocated during March 351864.00

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