Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Refer to the following information about the Assembly Department in the Honey Bee Factory for the month of July. Honey Bee Factory uses the weighted

image text in transcribedimage text in transcribed

Refer to the following information about the Assembly Department in the Honey Bee Factory for the month of July. Honey Bee Factory uses the weighted average method of inventory costing. 6,000 units Beginning Work in Process inventory: Physical units (completed in July) % complete for materials % complete for conversion (labor and overhead) 80% 30% Materials Cost from June $8,125 Conversion cost from June $6,540 30,000 units 7,000 units Products started and completed in July: Physical Units Ending Work in Process Inventory: Physical Units % complete for materials % complete for conversion Manufacturing costs incurred for July: Materials 70% 40% $84,690 Conversion $101,810 1. Compute equivalent units for direct materials and conversion costs: EUP for DM units, EUP for conversion units. 2. Compute cost per equivalent units for direct materials and conversion costs: Cost per EUP for DM $ ; Cost per EUP for conversion costs $ **round to the nearest cent*** 3. Compute the total cost of units completed and transferred out to finished goods during July. Total costs assigned to units completed and transferred out $ ***Be sure to use your answers from part 2. *** 4. Compute total cost of the ending Work in Process Inventory. Direct material cost assigned to ending WIP $ conversion costs assigned to ending WIP $ and therefore total costs assigned to ending WIP $ *Be sure to use per unit cost from part 2. **

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ACCA Advanced Audit And Assurance

Authors: Nick Blackwell, Annabel Lefton, Emile Woolf International

1st Edition

ISBN: 1848434715, 978-1848434714

More Books

Students also viewed these Accounting questions

Question

Perform an Internet search. Discuss a company that uses EPLI.

Answered: 1 week ago

Question

How do you feel about employment-at-will policies? Are they fair?

Answered: 1 week ago