Question
Answer A-C using info Equivalent units of production (EUP)- weighted average method (Forming and Packaging cost categories) Units % Forming Costs EUP- Forming % Packaging
Answer A-C using info
Equivalent units of production (EUP)- weighted average method (Forming and Packaging cost categories) | |||||
Units | % Forming Costs | EUP- Forming | % Packaging | EUP- Packaging | |
Units completed and transferred out | 22,700 | 100% | 22,700 | 100% | 22,700 |
Ending work in process - units | 1,960 | 65% | 1,274 | 65% | 1,274 |
Total units | 24,660 | 23,974 | 23,974 | ||
Cost per equivalent unit of production | Forming | Packaging | |||
Costs of beginning work in process | 400,000 | 200,000 | |||
Costs incurred this period | 2,497,000 | 579,720 | |||
Total costs | Costs | 2,897,000 | Costs | 779,720 | |
Equivalent units of production | EUP | 23,974 | EUP | 23,974 | |
Cost per equivalent unit of production (show 4 decimal places) | 120.8392 | 32.5236 |
ASSEMBLY DEPARTMENT | |||||
Equivalent units of production (EUP)- weighted average method (Other Direct Material and Conversion costs) | |||||
Units | % Other DM Costs | EUP- Other DM | % Conversion | EUP- Conversion | |
Units completed and transferred out | 22,700 | 100% | 22,700 | 100% | 22,700 |
Ending work in process - units | 1,960 | 65% | 1,274 | 65% | 1,274 |
Total units | 24,660 | 23,974 | 23,974 | ||
Cost per equivalent unit of production | Forming | Packaging | |||
Costs of beginning work in process | 27,860 | 339,660 | |||
Costs incurred this period | 144,930 | 996,480 | |||
Total costs | Costs | 172,790 | Costs | 1,336,140 | |
Equivalent units of production | EUP | 23,974 | EUP | 23,974 | |
Cost per equivalent unit of production (show 4 decimal places) | 7.2074 | 55.7329 |
ASSEMBLY DEPARTMENT | ||||
Total costs accounted for: | ||||
Cost of units transferred out: | EUP | Cost per EUP | Total cost | |
Forming Costs | 22,700 | 120.8392 | 2,743,049 |
|
Packaging Costs | 22,700 | 32.5236 | 738,285 |
|
Other Direct materials | 22,700 | 7.2074 | 163,607 | |
Conversion | 22,700 | 55.7329 | 1,265,136 | |
Total costs transferred out | 4,910,077 | |||
Costs of ending work in process | EUP | Cost per EUP | Total cost | |
Forming Costs | 1,274 | 120.8392 | 153,949 |
|
Packaging Costs | 1,274 | 32.5236 | 41,435 |
|
Other Direct materials | 1,274 | 7.2074 | 9,182 | |
Conversion | 1,274 | 55.7329 | 71,003 | |
Total cost of ending work in process | 275,569 | |||
Total costs accounted for | 5,185,646 |
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- Assume the Finished Goods Inventory was zero units at the beginning of May and zero at the end of May. How many units did they sell during May?
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- If Tamar Co., Ltd. sold each unit for $300 each, what would their sales revenue be? ____________Write the journal entry to record the sales revenue for May.
- How much is their expense (COGS)? _____________ Write the journal entry to record the COGS for May. Post this entry to the Finished Goods account
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