Answered step by step
Verified Expert Solution
Question
1 Approved Answer
A company uses process costing and the weighted average method to determine its manufacturing costs. The following data is provided for Department Q: Opening work
A company uses process costing and the weighted average method to determine its manufacturing costs.
The following data is provided for Department Q:
Opening work in process inventory, beginning of March:
- 300 units, 40% complete as to materials, 20% complete as to labour and 10% complete as to overhead
- total costs of these partially completed units $ 6,000 (materials $ 3,000, labour $ 2,000 and overhead $ 1,000)
New units started during March - 5,000 units
Costs incurred during March:
- materials $127,500
- labour $163,760
- overhead $167,960
Units in ending work in process inventory at March 31
- 200 units, 60% complete as to materials, 40% complete as to labour and 10% complete as to overhead
Required: for each of the three costs, what are the equivalent units of production for March?
Notes: round to 2 decimals and show work for part marks (9marks)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started