Taco Ranch uses a process cost system and the weighted average cost flow assumption. Production begins in the crafting department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On November 1st, the beginning work in process inventory consisted of 10,000 units which were 60% complete and had a cost of $266,000, $140,000 of which were material costs. During November, the following occurred:

Materials added -- $315,000

Conversion costs incurred -- $67,500

Units completed and transferred out in November -- $55,000

Units in ending work in process November 30 (20% complete) -- $25,000

ANSWER THE FOLLOWING AND SHOW THE COMPUTATIONS THAT SUPPORT YOUR ANSWERS:

1. What are the equivalent units of production for materials and conversion costs in the Crafting Department for the month of November?

2. What are the costs assigned to the ending work in process inventory on November 30?

3. What are the costs assigned to units completed and transferred out during November?

My Worksheet (blue I have completed and hope is right) Thank you a. Equivalent units of production: Physical Unit Materials Conversion Cost Work in Process, November 1 Started and completed Work in process, November 30 Total 10,000 45,000 25,000 0 45,000 25,000 70,000 40%= 4,000 45,000 20%= 5,000 54,000 351,000/70,000 = 4.5 67,500/54,000 1.25 b. Materials unit cost $4.50 Conversion cost $1.25 Total unit cost $5.75 added 315,000 added 67,500 Cost to be accounted for Work in Process, November 1 Started in Production Total Cost $266,000 $382,500 $648,500 Cost assigned to work in process November 30 Materials cost Conversion cost Total