Question
Production costs chargeable to the Finishing Department in June in Hampton Company are materials $12,000; labor $29,500; and overhead $18,000. Equivalent units of production are
Production costs chargeable to the Finishing Department in June in Hampton Company are materials $12,000; labor $29,500; and overhead $18,000. Equivalent units of production are materials 20,000 and conversion costs 19,000. Compute the units for materials and conversion costs.
Data for Hampton Company was given above. Production records indicate that 18,000 units were transferred out, and 2,000 units in ending work in process were 50% complete as to conversion costs and 100% complete to materials. Prepare a cost reconciliation schedule.
Please clearly explain each step. Please label which in the computations for units and conversion costs and please label the reconciliation schedule.
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