Answered step by step
Verified Expert Solution
Link Copied!

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

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Getting Clinical Audit Right To Benefit Patients

Authors: Healthcare Quality

1st Edition

1873543069, 978-1873543061

More Books

Students also viewed these Accounting questions