Winchester Salad Dressing had beginning work-in-process for process 1 in July of

Question

Winchester Salad Dressing had beginning work-in-process for process 1 in July of $248,320 consisting of $101,640 of materials and $146,680 of conversion costs. There were 16,000 units in beginning work-in-process, 40% complete as to conversion costs. Materials are added at the beginning of the process. During July, 34,000 were transferred out and 9,000 remained in ending inventory. The ending work-in-process was 70% complete for conversion cost. Costs during the period amounted to $781,200 for direct materials and $1,009,280 for conversion. The number of units started in process 1 during July was __________? The cost assigned to completed units in process 1 was __________? The cost assigned to the ending WIP in process 1 was __________?

Explanation / Answer

Weighted Average Method Particulars Equivalent Units Physical Units Materials Conversion Costs Units to be accounted for Work in process - Beginning            16,000 Started into production (43,000 - 16,000)            27,000 Total units            43,000 Units accounted for Transferred out              34,000            34,000            34,000 Work in process, Ending              9,000              9,000              6,300 (100% materials, 70% conversion costs) Equivalent units accounted for            43,000            43,000            40,300 Costs Unit costs Materials Conversion Total WIP, Beginning          101,640          146,680          248,320 Costs incurred in November          781,200       1,009,280       1,790,480 Total Costs          882,840       1,155,960       2,038,800 Equivalent units            43,000            40,300 Costs per Equivalent Units              20.53              28.68              49.22 Cost Assignment Materials Conversion Total Good Units completed & Transferred out (34,000 Units) Equivalent Units            34,000            34,000 Costs per Equivalent Units              20.53              28.68 Total Cost of goods completed & Transferred out          698,060          975,252       1,673,312 Work in Process - ending Inventory - 9,000 Units          184,780          180,708          365,489 Equivalent Units              9,000              6,300 Costs per Equivalent Units              20.53              28.68 Work in Process - ending Inventory          184,780          180,708          365,488 Total Cost accounted for          882,840       1,155,960       2,038,800 The number of units started in process 1 during July was 27,000 units The cost assigned to completed units in process 1 was $1,673,312 The cost assigned to the ending WIP in process 1 was $365,488.

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