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Case 4-63 Passera Inc. manufactures a single product in a continuous processing environment. All materials are added at the beginning of the process, and conversion costs are applied evenly throughout the process. To assign costs to inventories, the company uses weighted-average process costing. The following information was available for 2016: Sales (selling price per unit, $40) Actual manufacturing overhead Selling and administrative expenses $4,080,000 660,000 328,000 Unit costs of production: Direct materials (1 kilogram) Direct labour (1/2 hour) Overhead Total $ 6.00 8.00 9.00 $23.00 Units transferred to finished goods 140,000 units Materials purchased 125,000 kilograms Materials used in process 136,000 kilograms An inventory count at year end (December 31, 2016) revealed that the inventories had the following balances: Raw materials Work in process (45% complete) Finished goods 8,000 kilograms 22,000 units 45,000 units The January 1, 2016, work in process units are 70% complete. The unit cost of production was the same in 2016 as it was in 2015. Calculate the following amounts for Passera Inc.: The opening (January 1, 2016) balance in units and costs of (1) raw materials, (2) work in process, and (3) finished goods. Units Cost $ (1) Opening Balances Raw Materials 19,000 114,000 $ (2) Opening Balances Work in Process 44,000 264,000 $ (3) Opening Balances Finished Goods 140,000 840,000 The equivalent units for 2016 for (1) materials and (2) conversion costs. Material Equivalent units for 2016 Conversion 162,000 149,900 The total cost for 2016 for (1) materials used and (2) conversion applied. Material Total cost for 2016 972,000 Conversion 2,548,300 The cost of ending work in process for 2016. $ Cost assigned to ending work in process 3,520,300 The cost of units completed and transferred to finished goods. $ Cost of units completed and transferred to finished goods 3,220,000 (1) Opening Balances Raw Materials: Beg Raw Materials Inventory X +Raw Materials Purchased 125,000 =Raw Materials for Use in Production (X + 125,000) -Ending Raw Materials Inventory 8,000 =Raw Materials Used for Production 136,000 X + 125,000 - 8,000 = 136,000 therefore X = 19,000 kilograms and Cost = $6.00/kilogram x 19,000 kilograms = $114,000 (2) Opening Balances Work in Process: Beg Work in Process X +Units Started into Production (140,000 - 22,000 = 118,000) =Total Units to be Accounted For (X + 118,000) -Units Transferred Out (140,000) =Ending Work in Process (22,000) X + 118,000 - 140,000 = 22,000 therefore X = 44,000 kilograms and Cost = $6.00/kilogram x 44,000 kilograms = $264,000 (3) Opening Balances Finished Goods = 140,000 units transferred to finished goods and Cost = 140,000 x $6.00 = $840,000 Equivalent Units for materials: units transferred out 140,000 work in process, Ending (22,000 x 100% = 22,000) = 140,000 + 22,000 = 162,000 Equivalent Units for Materials Equivalent Units for Conversion: units transferred out 140,000 work in process, Ending (22,000 x 45% = 9,900) = 140,000 + 9,900 = 149,900 Equivalent Units for Conversion Cost Materials for 2016 162,000 x $6.00 = $972,000 Cost Conversion for 2016 $149,900 x (8.00 + 9.00) = $2,548,300 Total Cost for 2016 $972,000 + 2,548,300 = $3,520,300 The cost of units completed and transferred out to finished goods 140,000 x 23 = $3,220,000