Question
i need the step by step solution 4.36A Calculate equivalent units, unit costs, and costs assigned . (LO 3, 4) Toronto Timers Inc.'s costing system
i need the step by step solution
4.36A
Calculate equivalent units, unit costs, and costs assigned.
(LO 3, 4) Toronto Timers Inc.'s costing system uses two cost categories: direct materials and conversion costs. Each of its products must go through the assembly department and the testing department. Direct materials are added at the beginning of production. Conversion costs are allocated evenly throughout production. Data for the assembly department for June 2020 are as follows:
Production DataUnits |
|
Work in process, beginning inventory (60% complete in terms of conversion costs) | 850 units |
Units started during June | 1,300 units |
Work in process, ending inventory | 450 units |
Cost Data |
|
Work in process, beginning inventory costs |
|
Direct materials | $ 382,500 |
Conversion costs | 255,000 |
Direct materials costs added during June | 2,500,000 |
Conversion costs added during June | 2,800,000 |
Instructions
a. Determine what unit cost can be calculated from the information provided for work in process beginning inventory.
b. Calculate how many units were completed and transferred out of the assembly department during June 2020.
b. 1,700 units
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