Work in process, May 1 Units (45% complete) Direct materials Direct labor Overhe

Question

Work in process, May 1 Units (45% complete) Direct materials Direct labor Overhead 10,000 $23,000 37,000 $15,000 During May, 65,000 units were completed and transferred to the molding department. The following costs were incurred by the miing department during May: Direct materials $115,000 140,000 55,000 Direct labor By May 31, 4,000 units that were 80 percent complete remained in Pfing. Scot uses the weighted average method. A. Caloulate the equlvalent units of production using the weighted average method B. Calculate the total costs to account for Total Costs to Account for Conversion Cost

Explanation / Answer

Answer A Calculation of equivalent units of production using the weighted average method Physical Units % Complete with respect to Material,Labour & Overheads Equivalent Units for Material,Labour and Overheads Units completed and transferred 65000 100% 65000 Ending work in process 4000 80% 3200 Equivalent Units of production 68200 Answer B Calculation of total cost to account for Total cost to account for Materials $138,000 Conversion (Labour + Overheads) $247,000 Total cost ot account for $385,000 Answer C Calculation of total cost per equivalent unit of production Cost per equivalent unit of production = Total cost to account for / Equivalent units of production = $385000 / 68200 = $5.65 Answer D Cost of goods transferred to molding department = 65000 units * $5.65 = $3,66,935 Answer E Cost of May Ending work in process for the mixing department = 3200 units * $5.65 = $18,065

Related Questions

Navigate

• Browse (All)
• Browse W
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.