Question
Hello I posted a question about seven hours ago and the question remains unanswered. Can anyone assist. The question was The Shalton Processing Company had
Hello I posted a question about seven hours ago and the question remains unanswered. Can anyone assist. The question was
The Shalton Processing Company had work in process at the beginning and end of March 2017 in its Painting Department asfollows:
Percentage of Completion Direct Materials Conversion Costs
March 1 (10,000 units) 40% 20%
March 31 (10,000 units) 90% 20%
The company completed 100,000 units during March. Manufacturing costs incurred during March were direct materials costs of $210,000 and conversion costs of
$300,000. Inventory at March 1 was carried at a cost of $40,000(direct materials$30,000 and conversion costs$10,000). Assuming Shalton
uses FIFO costing, determine the equivalent units of work done in March, and calculate the cost of units completed and the cost of units in ending inventory.
Begin by entering the physical units in first, then calculate the equivalent units.
Physical Direct Conversion
Units Materials Costs
Flow of Production
Work in process, beginning _______
Started during current period _______
To account for _______
Completed and transferred out during current period:
From beginning work in process _______ ______ ______
Started and completed _______ ______ ______
Work in process, ending _______ ______ ______
Accounted for ________
Equivalent units of work done in current period _______ _______
Next, summarize the total costs to account for.
Total Direct Conversion
Production Materials Costs Costs
Costs
________________ __________ ___________ ________
________________ __________ ____________ _________
Total costs to account for __________ ____________ __________
Now calculate cost per equivalent unit for direct materials and conversion costs.
Direct Materials Conversion Costs
_______________________ _____________ ______________
Divide by _______________ _____________ ______________
Cost per equivalent unit _____________ ______________
Finally, assign total costs to units completed (and transferred out) and to units in ending work in process (WIP). Begin by calculating the total from beginning inventory, then calculate the total costs accounted for.
Total Production Costs Direct Materials Conversion Costs
Completed and transferred out
_________________________ ________________ ______________ ______________
_________________________ ________________ ______________ ______________
Total from beginning inventory ______________
_________________________ _______________ ______________ _____________
Total costs of units completed and transferred out ______________
________________________ ______________ ______________ _____________
Total costs accounted for ______________ ______________ _____________
Please show all work.
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