Q34

The Sheridan Paint Co.uses a process costing system. You have been given the following selected information for July 2022: Percent Complete Units 7,080 70% Beginning work in process inventory Units started Ending work in process inventory 28,320 11,800 60% The total cost of the beginning work in process inventory was $43,660, of which $8,260 was for direct labour costs.Overhead is applied on the basis of direct labour costs. During July, the company added $81,890 of direct materials, $59.590 of direct labour, and $71,508 of overhead to work in process inventory All direct materials are added at the beginning of the process, and the conversion costs are incurred uniformly throughout the process. Calculate the overhead rate. % Overhead rate Calculate the direct materials, the direct labour, and the overhead cost components of the beginning work in process, Direct Materials Direct Labour Ovel Components of beginning work in process inventory Calculate the number of equivalent units of production that would be used to establish the weighted-average costs for direct materials, direct labour, and overhead. Direct Materials Conversion Equivalent units of Production Calculate the number of equivalent units of production that would be used to establish the FIFO costs for direct materials, direct labour, and overhead. Direct Materials Conversion Assuming weighted average is used, calculate the cost of goods completed and transferred out. (Round unit cost to 4 decimal places, eg. 1.5259 and final answer to decimal places, eg. 125.) Cost of goods completed and transferred out $ Assuming FIFO is used, calculate the cost of ending work in process inventory for direct materials, direct labour, and overhead, Show each component separately. (Round unit cost to 4 decimal places, eg. 1.5259 and final answers to O decimal places, es. 125.) Direct Materials Direct Labour Overhead Cost of ending work in process inventory