Question
At the start of November, Penco Refinery had Work in Process inventory consisting of 4,500 units that were 70 percent complete with respect to materials
At the start of November, Penco Refinery had Work in Process inventory consisting of 4,500 units that were 70 percent complete with respect to materials and 60 percent complete with respect to conversion costs. The cost of the units was $38,900 ($25,100 of material cost and $13,800 of labor and overhead). During November, the company started 43,700 units and incurred $404,200 of material cost and $392,800 of labor and overhead. The company completed 45,300 units during the month, and 2,900 units were in process at the end of November. The units in ending Work in Process were 80 percent complete with respect to materials and 40 percent complete with respect to conversion costs.
Calculate the cost per equivalent unit for materials and conversion costs.
Materials Conv. Costs
(a) Cost per equivalent unit $ ____________ $__________
(b) Calculate the cost of items completed during November. $ ______________
(c) Calculate the cost of ending Work in Process. $ ___________________
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