Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Suburbia Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the

Suburbia Company manufactures a product through a continuous single-step process. All materials are added at the beginning of processing. Production and cost data for the company for February 2016 are as follows:

Production data:

In process, beginning of month (20% converted)

1,000 units

Started during February

5,000 units

Completed and transferred to finished goods

4,500 units

In process, end of month (60% converted)

1,500 units

Manufacturing costs:

Work in process, beginning (Materials $3,000; Conversion Costs: $18,360)

$21,360

Materials

$45,000

Direct labor cost

$102,960

Applied Factory overhead cost

$51,480

Required: Calculate the Following using the weighted average method:

Equivalent Units of Production for Direct materials

(Do not enter commas in answer for example 5,000 should be entered as 5000)

Equivalent Units of Production for Conversion Costs

(Do not enter commas in answer for example 5,000 should be entered as 5000)

Cost per Equivalent Unit Direct Materials

(Round to 2 decimal places)

Cost per Equivalent Unit Conversion Costs

(Round to 2 decimal places)

Total value of units transferred out

(Round to the nearest whole dollar and do not enter dollar signs or commas in answer for example $5,000 should be entered as 5000)

Total value of Ending Inventory

(Round to the nearest whole dollar and do not enter dollar signs or commas in answer for example $5,000 should be entered as 5000)

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

Financial Accounting An Integrated Approach

Authors: Michael Gibbins

6th Edition

0176407251, 978-0176407254

More Books

Students also viewed these Accounting questions

Question

List the key components within occupational health and safety.

Answered: 1 week ago

Question

Identify the general types of employment laws in Canada.

Answered: 1 week ago

Question

Describe discrimination and harassment in the workplace.

Answered: 1 week ago