Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Kramer Corp. began the current period with 4,110 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs
Kramer Corp. began the current period with 4,110 units in process that were 100% complete as to materials and 60% complete as to conversion. Costs of $7,550 in direct materials and $4,830 in conversion costs were incurred in manufacturing those units in the previous period. Kramer ended the current period with 21,900 units completed and 5,120 units still in process. Work in process was 100% complete as to materials and 70% complete as to conversion costs. Kramer incurred $68,600 in direct materials costs, $7,090 in direct labor costs, and $41,400 in manufacturing overhead costs during the period. Required: a. Using the weighted average method, compute the equivalent units of production for materials. b. Using the weighted average method, compute the equivalent units of production for conversion. c. Using the weighted average method, compute the cost per equivalent unit for materials. (Round your answer to 2 decimal places.) d. Using the weighted average method, compute the cost per equivalent unit for conversion. (Round your answer to 2 decimal places.) e. Using the weighted average method, compute the cost assigned to ending Work in Process Inventory. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.) f. Using the weighted average method, compute the cost assigned to goods completed and transferred out. (Round your intermediate calculations to 2 decimal places and final answer to the nearest whole dollar amount.)
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started