Question
Harmon Company uses the weighted average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month
Harmon Company uses the weighted average method in its process costing system. The Curing Department of Harmon Company reported the following information for the month of November
Work in process, beginning |
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Units in process, November 1 | 10,000 |
Stage of completion with respect to conversion | 80% |
Costs in the beginning inventory: |
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Materials cost | $34,500 |
Conversion costs | $48,600 |
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Units started into production during the month | 28,000 |
Units completed and transferred out | 30,000 |
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Costs added to production during the month: |
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Materials cost | $146,000. |
Conversion cost | $194,400 |
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Work in process, ending: |
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Units in process, November 30 | 8,000 |
State of completion with respect to conversion | 30% |
ALL MATERIALS ARE ADDED AT THE BEGINNING OF THE PROCESS
Required:
Complete the sections below.
Determine equivalent units of production
Equivalent Units
| Materials | Conversion |
Transferred to next department | 30000 | 30000 |
Ending Work in Process: Materials Conversion | 8000 | 2400 |
Equivalent Units of Production | 38000 | 32400 |
Compute the costs per equivalent unit
Equivalent Units
| Materials | Conversion |
Cost of beginning work in process | 34500 | 48600 |
Cost added during the period | 146000 | 194400 |
Total Cost | 180500 | 243000 |
Equivalent units of production | 38000 | 32400 |
Cost per equivalent unit | 4.75 | 7.50 |
Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process
| Materials | Conversion | Total |
Ending work in process inventory: Equivalent units of production Cost per equivalent unit Cost of ending work in process inventory |
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Units completed and transferred out: Units transferred to next department Cost per equivalent unit Costs of units completed & transferred out |
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Prepare a report that reconciles the total costs assigned to the ending work in process inventory and the units transferred out with the costs in beginning inventory and costs added during the period
Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for: |
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Costs accounted for as follows: Cost of ending work in process inventory Cost of units completed and transferred out Total cost accounted for |
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I put my answers for part 1 and 2 please answers part 3 and 4. Put your answers in the table please.
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