Question
I need some help with a few questions on here, I got through conversion costs and overhead costs but I've been stuck on these kinds
I need some help with a few questions on here, I got through conversion costs and overhead costs but I've been stuck on these kinds of problems in my homework as well. Any guidance or steps taken would be much appreciated!
2.Smith and Wesson Company began operations on June 1stby starting 60,000 units of product in process in the Assembly Department.Total costs incurred during June were $459,000 of direct materials and $252,000 of conversion costs.At June 30th, 15,000 units remained in work in process, 60% finished as to direct materials and 20% finished as to conversioncosts.
Use the five steps of process costing to identify the missing amounts in the following production cost reports.
Step 1:Summarize the flow of production in physical units.
Step 2:Compute output in terms of equivalent units.
Step 3:Summarize total costs to account for.
Step 4:Compute the cost per equivalent unit.
Step 5:Assign costs to units completed and to units in ending work in process inventory.
I have the requirements attached below I believe.
2. Smith and Wesson Company began operations on June 1st by starting 60,000 units of product in process in the Assembly Department. Total costs incurred during June were $459,000 of direct materials and $252,000 of conversion costs. At June 30th, 15,000 units remained in work in process, 60% complete as to direct materials and 20% complete as to conversion costs. Use the five steps of process costing to identify the missing amounts in the following production cost reports. Step 1: Step 2: Step 3: Step 4: Step 5: Summarize the flow of production in physical units. Compute output in terms of equivalent units. Summarize total costs to account for. Compute the cost per equivalent unit. Assign costs to units completed and to units in ending work in process inventory. Managerial Accounting Exam 2 Pg 3 Steps 1 and 2 Assembly Department Month Ended June 30th, 20XX Step 1 Flow of Physical Units Flow of Production Step 2 Equivalent Units Direct Materials Conversion Costs XXX XXX Conversion Costs Total Units to account for: Beginning work in process, June 1st Started in production during June Total physical units to account for Units accounted for: Completed and transferred out in June Ending work in process, June 30th Total physical units accounted for Equivalent units Steps 3 and 4 Assembly Department Month Ended June 30th, 20XX Direct Materials Beginning work in process, June 1st Costs added during June Total cost to account for Divide by equivalent units Cost per equivalent unit Step 5 Assembly Department Month Ended June 30th, 20XX Direct Materials Units completed and transferred out Units in ending work in process inventory Direct materials Conversion costs Total cost of ending work in process inventory Total cost accounted for Conversion Costs TotalStep by Step Solution
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