Question
Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning
-
Equivalent Units of Production
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.
ACCOUNT Work in ProcessBaking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 18,000 units, 14 completed 14,760 31 Direct materials, 336,000 units 252,000 266,760 31 Direct labor 40,000 306,760 31 Factory overhead 60,530 367,290 31 Goods finished, 330,000 units 346,410 20,880 31 Bal. ? units, 25 completed 20,880 a. Determine the number of units in work in process inventory at March 31. ? units
b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0".
Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs For March Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Inventory in process, March 1 ? ? ? Started and completed in March ? ? ? Transferred to finished goods in March ? ? ? Inventory in process, March 31 ? ? ? Total ? ? ? -
Costs per Equivalent Unit and Production Costs
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials.
ACCOUNT Work in ProcessForging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, ? units ? ? 30 Bal., 1,400 units, 70% completed ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs.
Based on the above data, determine each of the following amounts.
If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar.
a. Cost of beginning work in process inventory completed in November. $ ?
-
Cost per Equivalent Unit
The following information concerns production in the Forging Department for November. All direct materials are placed into the process at the beginning of production, and conversion costs are incurred evenly throughout the process. The beginning inventory consists of $9,000 of direct materials.
ACCOUNT Work in ProcessForging Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Nov. 1 Bal., 900 units, 60% completed 10,566 30 Direct materials, 12,900 units 123,840 134,406 30 Direct labor 21,650 156,056 30 Factory overhead 16,870 172,926 30 Goods transferred, ? units ? ? 30 Bal., 1,400 units, 70% completed ? a. Determine the number of units transferred to the next department. units
b. Determine the costs per equivalent unit of direct materials and conversion. If required, round your answer to two decimal places.
Cost per equivalent unit of direct materials $ ? Cost per equivalent unit of conversion $ ? c. Determine the cost of units started and completed in November. $ ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Health And Safety Environment And Quality Audits A Risk-based Approach
Authors: Stephen Asbury
2nd Edition
0415508118, 978-0415508117
