Question
Given the following data, determine the cost per equivalent unit and use this cost data to determine the cost of ending WIP inventory and units
Given the following data, determine the cost per equivalent unit and use this cost data to determine the cost of ending WIP inventory and units transferred into finished goods. (Answers must be entered as numbers only without spaces, dollar signs, commas, etc. Example: 50000 or 2.20 or .94) Production Fabrication Co. Equivalent Units of Production Materials Labor Overhead Units transferred to next process 350,000 350,000 350,000 Ending WIP Inv. (80,000 units x 50% complete; labor 80,000 units x 25% complete; overhead 80,000 units x 25% complete) 40,000 20,000 20,000 Equivalent units of production 410,000 370,000 370,000 Production Fabrication Co. Costs Per Equivalent Unit Materials Labor Overhead Costs: Costs beginning WIP Inventory 92,000 21,000 37,000 Costs added this period 810,000 325,000 640,000 Total Costs: 902,000 346,000 677,000 Equivalent units of production 410,000 370,000 370,000 Cost per unit Project Fabrication, Co. Costs of Ending WIP Inventory and Units Transferred Out Ending WIP Inventory: Materials Labor Overhead Total Equivalent units of production 40,000 20,000 20,000 Cost per equivalent unit Cost of ending WIP inventory (round to nearest dollar) 143,298 Units of completed and transferred out: Units transferred to the next dept. 350,000 350,000 350,000 Cost per equivalent unit Cost of units completed and transferred out (round to the nearest dollar) 1,739,500 Fill in the blanks. Given the following data, determine the cost per equivalent unit and use this cost data to determine the Total Costs: 902,000 346,000 677,000 Equivalent units of production 410,000 370,000 370,000 Cost per unit (5pts) (5pts) (4pts
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