17-24 Weighted-average method, equivalent units. The assembly division of Qualit

Question

17-24 Weighted-average method, equivalent units. The assembly division of Quality Time Pieces, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: Physical Units Direct Materials Conversion Costs (Watches) 100 510 450 160 $459,888 $142,570 Beginning work in process (May D Started in May 2017 Completed during May 2017 Ending work in process (May 31D Total costs added during May 2017 a Degree of completion: direct materials, 80%; conversion costs, 35%. b Degree of completion: direct materials, 80%, conversion costs, 40%. $3,237,000 S1,916,000

Explanation / Answer

Equivalent Units statement Material Conversion Units Input Particulars Units Output Equivalent units % complete Equivalent units % complete 100 Beginning Wip 510 Input Finished Goods 450 450 100% 450 100% Closing WIP 160 128 80% 64 40% 610 610 578 514 Statement Showing cost per unit Opening Cost Current Cost total Cost Equivalent units Cost per unit Material 459888 3237000 3696888 578 5600.35 Conversion 142570 1916000 2058570 514 3727.63 Cost per unit 9327.98 Cost of production summary Total cost of Completed Goods 4,197,591 (450 units@9327.98 per unit) Cost of Closing WIP 955413 Material (128*5600.35) 716844.8 Conversion(64*3727.63) 238568.32

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