Work in process 20,002/5 Start in process 50,000 Work in process, end 45,000 Completer but still on hand 5,000 Finished and Transferred 3/4 completed Compute for equivalent production
Work in process 20,002/5 Start in process 50,000 Work in process, end 45,000 Completer but still on hand 5,000 Finished and Transferred 3/4 completed Compute for equivalent production
Related questions
Cost of Units Transferred Out and Ending Work in Process
The costs per equivalent unit of direct materials and conversionin the Rolling Department of Keystone Steel Company are $60 and$10, respectively. The equivalent units to be assigned costs are asfollows:
| Equivalent Units | ||||
| Direct Materials | Conversion | |||
| Inventory in process, beginning of period | 0 | 320 | ||
| Started and completed during the period | 7,500 | 7,500 | ||
| Transferred out of Rolling (completed) | 7,500 | 7,820 | ||
| Inventory in process, end of period | 1,000 | 300 | ||
| Total units to be assigned costs | 8,500 | 8,120 | ||
The beginning work in process inventory had a cost of $25,000.Determine the cost of completed and transferred-out production andthe ending work in process inventory.
| Completed and transferred-out production | $ |
| Inventory in process, ending | $ |
Harmon Company uses the weighted average method in its processcosting system. The Curing Department of Harmon Company reportedthe following information for the month of November
Work in process, beginning | |
Units in process, November 1 | 10,000 |
Stage of completion with respect toconversion | 80% |
Costs in the beginninginventory: | |
Materials cost | $34,500 |
Conversion costs | $48,600 |
Units started into production during the month | 28,000 |
Units completed and transferred out | 30,000 |
Costs added to production during the month: | |
Materials cost | $146,000. |
Conversion cost | $194,400 |
Work in process, ending: | |
Units in process, November 30 | 8,000 |
State of completion with respect toconversion | 30% |
ALL MATERIALS ARE ADDED AT THE BEGINNING OF THEPROCESS
Required:
Complete the sections below.
Determine equivalent units of production
Equivalent Units
Materials | Conversion | |
Transferred to next department | ||
| Ending Work in Process: Materials Conversion | ||
Equivalent Units of Production |
Compute the costs per equivalent unit
Equivalent Units
Materials | Conversion | |
Cost of beginning work in process | ||
Cost added during the period | ||
Total Cost | ||
Equivalent units of production | ||
Cost per equivalent unit |
Determine the total cost of ending work in process inventory andthe total cost of units transferred to the next process
Materials | Conversion | Total | |
| Ending work in process inventory: Equivalent units of production Cost per equivalent unit Cost of ending work in process inventory | |||
| Units completed and transferred out: Units transferred to next department Cost per equivalent unit Costs of units completed & transferred out |
Prepare a report that reconciles the total costs assigned to theending work in process inventory and the units transferred out withthe costs in beginning inventory and costs added during theperiod
| Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for: | |
| Costs accounted for as follows: Cost of ending work in process inventory Cost of units completed and transferred out Total cost accounted for |
