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If someone can explain to me how to get the numbers above that would be great, I do not need help much on just the
If someone can explain to me how to get the numbers above that would be great, I do not need help much on just the answers but more of how to get the answers. Everything must be done in Weighted- Average Method.
Thank you
NEED-TO-KNOW 16-5 COMPREHENSIVE 1 Woighted Average Mothod Pennsylvania Company produces a product that passes through two processes: grinding and mixing. Information related to its grinding department manufacturing activities for July follows. The company uses the weighted average method of process costing Grinding Department Raw Materials Beginning inventory Raw materials purchased on credit Direct materials used Indirect materials used Ending inventory $ 100.000 211.400 (190.000) _(51.400) $ 70,000 Factory Payroll Direct labor incurred Indirect labor incurred Total payroll $ 55.500 50.625 $ 106,125 Factory Overhead Indirect materials used Indirect labor used Other overhead costs Total factory overhead incurred $ 51,400 50.625 71.725 $ 173.750 Factory Overhead Applied Overhead applied (200% of direct labor) $111.000 100% 70% Grinding Department Beginning work in process inventory (units) Percentage completedMaterials Percentage completedConversion Beginning work in process inventory (costs) Direct materials used Direct labor incurred Overhead applied (200% of direct labor) Total costs of beginning work in process $20.000 9,600 19.200 $ 48,800 Units started this period Units transferred to mixing this period 20.000 17,000 Ending work in process inventory (units) Percentage completedMaterials Percentage completed Conversion 8,000 100% 20% Required Complete the requirements below for the grinding department 1. Prepare a physical flow reconciliation for July 2. Compute the equivalent units of production in July for direct materials and conversion. 3. Compute the costs per equivalent unit of production in July for direct materials and conversion. 4. Prepare a report of costs accounted for and a report of costs to account for. Planning the Solution Track the physical flow to determine the number of units completed in July. . Compute the equivalent units of production for direct materials and conversion. Compute the costs per equivalent unit of production with respect to direct materials and conversion, and determine the cost per unit for each. Compute the total cost of the goods transferred to mixing by using the equivalent units and unit costs. Determine (a) the cost of the beginning work in process inventory. (b) the materials and conversion costs added to the beginning work in process inventory, and (c) the materials and conversion costs added to the units started and completed in the month. $ 20.00 $ 22:00 S4280 S40.000 $ 1bb,sce S 356 500 $40$300 Cost Charged to Production Cost of beginning work in process (WIP) Direct Materials (DM) Conversion Costs incurred this period Direct Materials (DM) Conversion Total costs to account for Unit information Units to account for Beginning WIP SOOO units Units started this period 29 000 units Total units to account for 25.00 units Equivalent Units of Production Units completed and transferred out Units in ending WIP Direct Material (8000 units x 100 %) Conversion ( 8000 units x 20 %) Equivalent units of production Cost per EPU Cost of beginning WIP Cost incurred this period Total cost Units accounted for Completed & transferred con units Ending WIP 2000 units Total units accounted for 25.000 units Direct Materials Conversion 17,00 EPU units 12. EPU units 2000 EPU units 00 EPU units 25 000 EPU units 18, boo EPU units Direct Materials Conversion $ 29,00 $ 2,800 $ 190.000 $ (66,500 210.000 $ 195,300 29. EPU units 18.600 EPU units 24 per EPU 70.5 per EPU Cost per EPU S S 32.3 Cost Assignment and Reconciliation Cost Transferred out (cost of goods manuf.) Direct Materials (Cocox $ 8.4 per EPUS 142.00 Conversion (12.000 x S/05 per EPU) $ 118,500 Cost of ending WIP Direct Materials (inoo x $84 per EPU S 41.207 Conversion (bob x Sosper EPU) St.800 Total cost accounted for $84.000 S465 300Step by Step Solution
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