George Brown College ACCT$2031,$ Managerial Accounting, Winter $2024$ Professor: Solomon Chan Final Exam, $16$ Apr $2024-2$ hours

Section $3-$ Problem Questions $(15$ marks each$)$

Instruction: Provide answers in exam booklet. Answers anywhere else would not be considered. Note $-$ answers must be supported by calculations to receive marks. No support calculation $=$ no marks.

Question $1$: Grand River Company produces insulation material that passes through two production processes. Data for November for the first process department follow:

Completion

Materials Conversion

Units

$50\%$

$25\%$

Work in process inventory, November $1$

$127,500$

$78,500$

$45\%$

$20\%$

Work in process inventory, November $30$

Materials cost in work in process inventory,

$ $86,700$

November $1$

$ $56,100$

Conversion cost in work in process inventory,

November $1$

$447,500$

Units started into production

$496,500$

Units transferred to the next process Materials cost added during November

$$487,671$

Conversion cost added during November

$$322,928$

Required:

$1.$ The company uses weighted$-$average method of accounting for units and costs.

Determine the equivalent units for November for the first process department.

$2.$ Compute the costs per equivalent unit for November.

$3.$ Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in November.

$($Round your answers to the nearest dollar