Question
Equivalent Units and Product Cost ReportWeighted Average Method The following data (and annotations) are for the work-in-process account of the first of Johnson Companys four
Equivalent Units and Product Cost ReportWeighted Average Method
The following data (and annotations) are for the work-in-process account of the first of Johnson Companys four departments used in manufacturing its only product for October of 2019.
Work in Process-Department 1 | |
---|---|
Beginning balance (2,000 units, 70% complete) | |
Direct material | $15,500 |
Conversion costs | 9,600 |
Transferred to department 2: (20,000 units) | (a) |
Direct material (21,000 units) | 157,000 |
Direct labor | 145,200 |
Manufacturing overhead | 48,135 |
Ending balance [ (b) units, 25% complete] | (c) |
Assuming that Johnson uses the weighted average method and that materials are added at the beginning of the process and conversion costs are incurred evenly throughout, solve for the three missing numbersRound average cost per equivalent unit to two decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number.
Johnson Company Department 1 Equivalent Units Calculations, October 2019 | |||||||
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Equivalent Units | |||||||
% Work done | Direct Materials | % Work Done | Conversion Costs | ||||
Complete/Transferred | Answer
| Answer
| Answer
| Answer
| Answer
| ||
Ending Inventory b. | Answer
| Answer
| Answer
| Answer
| Answer
| ||
Total | Answer
| Answer
| Answer
|
Product Cost Report | ||||||
---|---|---|---|---|---|---|
Direct Materials | Conversion Costs | |||||
Beginning Inventory | Answer
| Answer
| Answer
| |||
Current | Answer
| Answer
| Answer
| |||
Total Costs to Account For | Answer
| Answer
| Answer
| |||
Total Equivalent Units | Answer
| Answer
| ||||
Average cost / Equivalent unit (round 2 decimal places) | Answer
| Answer
| ||||
Complete / Transferred: | ||||||
Direct Materials | Answer
| |||||
Conversion costs | Answer
| |||||
Cost of Goods Manufactured | Answer
| a. | ||||
Ending Inventory: | ||||||
Direct Materials | Answer
| |||||
Conversion costs | Answer
| |||||
Cost of Ending Inventory | Answer
| c. | ||||
Total Costs Allocated | Answer
|
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