Equivalency Units Accounting

Answer format

Ultra CIB Corp manufactures specialty pens in two departments, Modeling and Filling. Materials are introduced in the Modeling Department. After modeling is completed, the materials are transferred to the Filling Department. The following data refer to the Modeling Department for March 2018 Percent Completed Materials 65% Conversion 45% Beginning WIP Started into Production Completed and Transferred To Filling Dept. Ending WIP Units 60,000 440,000 475,000 25,000 80% 20% Beginning WIP Costs added during period Materials $72,000 $550,000 Conversion $38,000 $174,900 Required: 1. Determine the equivalent units for March for the Modeling process 2. Compute the cost per equivalent unit for the above 3. Determine the cost of ending WIP and the total cost of goods transferred to the Filling Department 4. Prepare a report to reconcile costs associated with ending WIP and goods transferred out to beginning WIP and costs added during March Equivalent Units Materials Conversion Trnsferred to next department Ending WIP Units Parially Completed Materials %, Conversion % Equivalent Units Cost per Equivalent Unit Materials Conversion Beginning WIP Costs added during period Total Cost Equivlent Units Cost per Equivalent Unit Cost per Unit $ +$ =$ Total Cost of Units Transferred Cost of Ending WIP Materials Cost of Ending WIP Conversion Ending WIP $==== $==== Cost Reconciliation Costs to be accounted for: Beginning WIP Costs added during period Total Costs Ending WIP Cost of Units Transferred to next department Total Costs