Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting. The Work in Process Inventory T-account for the
Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting. The Work in Process Inventory T-account for the Bending department is shown below. The 3,100 units in beginning work in process inventory had direct materials costs of $3,500 and conversion costs of $2,700. Also shown is unit data for the Bending department this period. Direct Materials Conversion Percent Units Complete Percent Complete Beginning work in process inventory 3,100 100% 25% Units started this period 7,100 Completed and transferred out 8,100 Ending work in process inventory 2,100 100% 60% Work in Process Inventory-Bending (5) Credit 7 Transferred out Debit Beginning balance Direct materials Direct labor Overhead Ending balance 6,200 11,800 B 20,700 a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production for both direct materials and conversion. c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. Complete this question by entering your answers in the tabs below. Required A Required B Required C Complete this question by entering your answers in the tabs below. Required A Required B Required C Compute equivalent units of production for both direct materials and conversion. Equivalent units of production: Weighted average Completed and transferred out Ending work in process Direct Materials Conversion Units Percent Complete EUP Percent Complete Required A Required B > EUP Required A Required B Required C Compute cost per equivalent unit of production for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) Cost per equivalent unit of production: Weighted average Total costs Equivalent units of production Cost per equivalent unit of production Direct Materials Conversion Required A Required B Required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average EUP Cost per EUP Total cost Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Total costs accounted for $ 0
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