Elloft Company produces large quantities of a standardized product. The followin

Question

Elloft Company produces large quantities of a standardized product. The following information is available for its production activities for March Uni ts Costs Beginning work in process inventory Started 2,000 Beginning work in process inventory 20,000 Direct materials Ending work in process inventory $2,840 8,400 4, 000 Conversion 11,240 158,200 143,500 200,900 $513, 840 s 58, 080 status of ending work in process inventory Direct materials added Materials-Percent complete Conversion-Percent complete 1008 Direct labor added overhead applied (140% of direct labor) 40% Total costs to account for Ending work in process inventory

Explanation / Answer

SOLUTION:- statement of equivalent units of production:-

statement of allocation of cost :-

opening wip=11240

put to production=513840

total =525080

closing wip=58080

statement of costs per units =

completed units = 525080/18000=58.34

closing wip

materials=58080/4000=14.52

conversion costs=58080/1600=36.3

total costs per units=50.82

input particulars output materials conversion costs 2000 opening wip 20000 put to production completed units 18000 100% 18000 100% 18000 closing wip 4000 100% 4000 40% 1600 22000 total 22000 22000 19600

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