Question
BestToys Company manufactures a variety of battery-operated toys. Information on its popular product 3D is provided to you. Materials are added at the beginning of
- BestToys Company manufactures a variety of battery-operated toys. Information on its popular product 3D is provided to you. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of October 2022 are as follows:
Production Data- 3D Popular Toy
Units
Percentage Complete
Work in process units, October 1
500
80%
Units started in production
1000
Work in process units, October 31
400
40%
Cost Data- 3D Popular Toy
Work in process, October 1
Materials $700
Conversion costs 600
$1,300
Direct materials
2,500
Direct labor
1,680
Manufacturing overhead
1,340
Production Data- 3D Popular Toy | Units | Percentage Complete |
Work in process units, October 1 | 500 | 80% |
Units started in production | 1000 | |
Work in process units, October 31 | 400 | 40% |
Cost Data- 3D Popular Toy | ||
Work in process, October 1 | ||
Materials $700 | ||
Conversion costs 600 | $1,300 | |
Direct materials | 2,500 | |
Direct labor | 1,680 | |
Manufacturing overhead | 1,340 |
Required:
Calculate the equivalent units of production for materials and conversion costs using the weighted average method. (3 marks)
SHOW YOUR WORKINGS
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Income Tax Fundamentals 2013
Authors: Gerald E. Whittenburg, Martha Altus Buller, Steven L Gill
31st Edition
1111972516, 978-1285586618, 1285586611, 978-1285613109, 978-1111972516
