Equivalent Units Total Costs for July Physical Direct Conversion Work in process, beginning Costs Direct materials $ 75,400 9,030 87,300 S 162,700 Units Materials Work in process, July 1a 12,900 12,900 Started during July 48,500 Completed and transferred out during July 43,500 43,500 Work in process, July 315 17,900 17,900 a Degree of completion: direct materials, 100%; conversion costs, 70%. bDegree of completion: direct materials, 100%, conversion costs, 30%. Conversion costs Direct materials added during July 43,500 5,370 353,000 476,200 Conversion costs added during July $ 991,900 Total costs to account for Bio Track Corporation is a biotech company that makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Track uses the weighted average method of process costing. The following information for July is available: Click the icon to view the data.) (Click the icon to view the total costs.) Required Enter the physical units first and then calculate the equivalent units. (Round your answers to the nearest whole unit.) Physical Units Equivalent Units Direct Conversion Materials Costs Flow of Production Work in process, beginning 12,900 48,500 Started during current period 61,400 To account for Completed and transferred out during current period 43,500 43,500 43,500 Work in process, ending 17,900 17,900 5,370 61,400 Accounted for 61,400 48,870 Work done to date Requirement 2. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process. Begin by summarizing the total costs to account for. Total Production Costs Direct Materials Conversion Costs Work in process, beginning $ 162,700 $ 75,400 $ 87,300 Costs added in current period 829,200 353,000 476,200 $ 991,900 $ 428,400 $ 563,500 Total costs to account for Bio Track Corporation is a biotech company that makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Track uses the weighted average method of process costing. The following information for July is available: Click the icon to view the data.) (Click the icon to view the total costs.) Required Begin by summarizing the total costs to account for. Total Production Costs Direct Materials Conversion Costs Work in process, beginning $ 162,700 $ 75,400 $ 353,000 87,300 476,200 Costs added in current period 829,200 $ 991,900 $ 428.400 $ 563,500 Total costs to account for Next calculate cost per equivalent unit for direct materials and conversion costs. (Round your cost per equivalent unit to four decimal places.) Direct Materials Conversion Costs Costs incurred to date $ 428,400 $ 563,500 Divide by: Equivalent units of work done to date 61,400 48,870 $ 6.9772 $ 11.5306 Cost per equivalent unit for work done to date Finally, assign total costs to units completed (and transferred out) and to units in ending work in process. (Round your answers to the nearest whole dollar.) Total Production Costs Direct Materials Conversion Costs Total costs accounted for
