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1 Lubricants, Inc. produces a special kind of grease that is widely used by race Gardens. The per i produced processes refining and blending Rawal

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1 Lubricants, Inc. produces a special kind of grease that is widely used by race Gardens. The per i produced processes refining and blending Rawal products materials) are introduced at vain the department, conversion costs are incurred evenly that the refining option. The refined in the transferred to the blending department. The following information relates to March for the rendeme 3 4 Percentage Complete Conversion Materials Costs 100% CYN S Units 25,000 401,6X Work in process, March 1 Started in production Completed and transferred out Work in process, March 31 7 8 45,000 75% 25% . 10 Conversion Materials Costs 11 Work in process, March 1 $30,500 $16,300 12 Costs added during March $516,970 $273,965 13 14 Chapter formulas 75 1. Unit product cost Total manufacturing cost (including overhead)/Total units produced 16 2. Equivalent units - Number of partially completed units x percentage completion > 3. Equivalent units of production - Units transferred to the next department of finished goods Equivalent units in ending work in process inventory 84 Cost per equivalent unit (Cost of beginning WIP Cost added during the period)/Equivalent units of production 9 and transferred out in March. (3 marks) Required: Part 1: Calculate the actual units in completed and transferred out in March (3 marks) 21 22 23 24 25 26 27 Units completed and transferred out 29 Part 2: Calculate the following: (14 marks) 30 Equivalent units Conversion Materials Costs 32 33 34 Equivalent units of production 35 36 37 8 9 Cost per equivalent unit Conversion Costs Total Cost Materials 1 Lubricants, Inc. produces a special kind of grease that is widely used by race Gardens. The per i produced processes refining and blending Rawal products materials) are introduced at vain the department, conversion costs are incurred evenly that the refining option. The refined in the transferred to the blending department. The following information relates to March for the rendeme 3 4 Percentage Complete Conversion Materials Costs 100% CYN S Units 25,000 401,6X Work in process, March 1 Started in production Completed and transferred out Work in process, March 31 7 8 45,000 75% 25% . 10 Conversion Materials Costs 11 Work in process, March 1 $30,500 $16,300 12 Costs added during March $516,970 $273,965 13 14 Chapter formulas 75 1. Unit product cost Total manufacturing cost (including overhead)/Total units produced 16 2. Equivalent units - Number of partially completed units x percentage completion > 3. Equivalent units of production - Units transferred to the next department of finished goods Equivalent units in ending work in process inventory 84 Cost per equivalent unit (Cost of beginning WIP Cost added during the period)/Equivalent units of production 9 and transferred out in March. (3 marks) Required: Part 1: Calculate the actual units in completed and transferred out in March (3 marks) 21 22 23 24 25 26 27 Units completed and transferred out 29 Part 2: Calculate the following: (14 marks) 30 Equivalent units Conversion Materials Costs 32 33 34 Equivalent units of production 35 36 37 8 9 Cost per equivalent unit Conversion Costs Total Cost Materials

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