Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Required information [The following information applies to the questions displayed below.] Saddleback Company makes camping lanterns using a single production process. All direct materials are
Required information [The following information applies to the questions displayed below.] Saddleback Company makes camping lanterns using a single production process. All direct materials are added at the beginning of the manufacturing process. Information for the month of March follows: Beginning work in process (30% complete) Direct materials Conversion cost Units 120,800 Costs $ 198,000 350,000 Total cost of beginning work in process $ 548,000 Number of units started 249,000 Number of units completed and transferred to 335,400 finished goods Ending work in process (65% complete) ? Current period costs Direct materials Conversion cost Total current period costs $ 513,400 654,000 $1,167,400 Required: 1. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. b. Calculate the number of equivalent units. c. Calculate the cost per equivalent unit. d. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Req 1A Req 1B Req 1C Req 1D Using the weighted-average method of process costing, calculate the number of equivalent units. Equivalent Units Physical Units Direct Materials Conversion Units Completed Ending Inventory Total Req 1A Req 1B Req 1C Req 1D Req 1D Using the weighted-average method of process costing, calculate the cost per equivalent unit. (Round Cost per Equivalent Unit to 5 decimal places.) Direct Materials Conversion Cost per Equivalent Unit Req 1A Req 1B Req 1C Req 1D Using the weighted-average method of process costing, reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest dollar amount.) Direct Materials Conversion Total Cost Units Completed Ending Inventory Total Cost Accounted for $ 0 $ 0 $ 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