Burris Company had 250 units of product in its work in process inventory at the beginning of
Question:
Burris Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,000 additional units during the period. At the end of the period, 750 units were in work in process inventory. The ending work in process inventory was estimated to be 40 percent complete. The cost of work in process inventory at the beginning of the period was $6,840, and $54,000 of product costs was added during the period.
Required
Prepare a cost of production report showing the following.
a. The number of equivalent units of production.
b. The product cost per equivalent unit.
c. The total cost allocated between the ending Work in Process Inventory and Finished Goods
Inventory accounts.
Step by Step Answer:
Fundamental Managerial Accounting Concepts
ISBN: 978-0078110894
6th Edition
Authors: Edmonds, Tsay, olds