Question
For Salcido, Inc., the value of beginning Work in Process Inventory was $109,000, 20% of which was direct materials cost. During the period, Salcido completed
For Salcido, Inc., the value of beginning Work in Process Inventory was $109,000, 20% of which was direct materials cost. During the period, Salcido completed work on 43,900 units, only completed 80% of the work on another 11,600 units, and incurred $86,000 in direct materials cost and $182,500 in conversion costs. Salcido adds direct materials at the beginning of their production process, and incurs conversion costs evenly throughout the process. Required: Calculate the following using the weighted average method for process costing:
a. | Equivalent units for direct materials. |
b. | Equivalent units for conversion costs. |
c. | Cost per equivalent unit for direct materials. (Round your answer to 2 decimal places.) |
d. | Cost per equivalent unit for conversion costs. (Round your answer to 2 decimal places.) |
e. | Cost assigned to ending Work in Process Inventory. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) |
f. | Cost assigned to goods completed and transferred out. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) |
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