Equivalent Units of Production. Klein Products had $300$ units in beginning WIP inventory.

During the period $600$ units were started into production, and $400$ were completed and

transferred out. $500$ units were partially completed in Ending Work In Process. These $500$ units

were $90\%$ complete for Assembly and $70\%$ complete for Packaging. Cost of beginning WIP

inventory were $$4,000$ for Assembly and $$8,000$ for Packaging. Costs incurred during the period

were $$9,000$ for Assembly and $$7,000$ for Packaging.Homework Problem #$2$: Using the Weighted Average method, compute the Cost of Ending

Work in Process Inventory and the Units Transferred Out. Finish the Production Schedule with

a Cost Reconciliation for the period.

Budgets and Variance Analysis. Sam's Products has one product and the following costs per

unit to make one finished product:

Direct materials per unit: $12$ pounds @ $$1$ per bag

Direct labor per unit: $8$ hours @ $$10/$hour

Variable overhead $($based on Direct Labor Hours$)$: $8$ hours at $$2/$ DLH

The planning budget was based on producing and selling $4,000$ units. However, during the

period, the company incurred the following costs:

$($a$)56,000$ pounds were used to produce $4600$ finished products. Cost per bag was $$0\mathrm{.}95$

$($b$)$ Direct laborers worked $36000$ hours at a rate of $$12\mathrm{.}00$ per hour

$($c$)$ Total variable manufacturing overhead for the month was $$74,00$

$($d$)$ Fixed Expense information is not given in this example

$($e$)$ Sales price per unit is $$125$