Solution Physical Units $2.000 $3.500 Equivalent Units Materials Csion Costa 5049 Completed and transferred out Ending work in process Natomia Conversion cost 50% complet Totallun Value 3.500 Value $5.500 Como COSS Total Direct materials cos Value Walia 2 Work in process, March 1 Cactu dided to production during June Total Equivalent Unita Unit Cout Vw 2 We Value 2 X unitost Value Value Cost Reconciliation Schedule Cost accounted for Transfered out Work in process March 31 Matenals Conversion costs Value Value we V Value Malue Tato 2 Problem 4 Murphy Painting Company has the following production data for March Production Data Beginning Work in Process % Complete as to Month Units Conversion Cost March 2.000 50% Units Completed and transfered out 4.000 Ending Work in Process % Complete as to Units Conversion Cost 3,500 60% Cost Data WORK IN PROCESS FINISHING Balance, March 8.000 Transferred out Materials 1.800 Labor 3.800 Overhead 2.800 Balance ? The beginning work in process had conversion costs of $3,300. The department adds materials at the beginning of the process and incurs conversion costs uniformly throughout the process. The Finishing Department uses a process cost accounting system and a weighted average cost tow assumption Instructions (1) Compute equivalent units of production for March for both materials and conversion costs (2) Compute unit costs and prepare a cost reconciliation schedule. + - Problem 4 Murphy Painting Company has the following production data for March Production Data Beginning Work in Process Complete as to Month Units Conversion Cost March 2.000 50% Units Completed and transferred out 4,000 Ending Work in Process Complete as to Units Sacension Cast 3.500 60% Cost Data WORKIN PROCESS_FINISHING Balance, March 1 8,000 Transformed out Netenals 1.800 Labor 3.800 Overhead 2.800 Balance The beginning work in process had conversion costs of $3.300. The department adds materials at the beginning of the process and ineuns conversion costs uniformly throughout the proceus. The Finishing Department uses a process cost accounting system and a weighted average cost flow assumption