Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following cost information is available for July for the Crest Plant at Calvert Company: Beginning work-in-process inventory Materials cost $ 65,500 Conversion cost 44,500

The following cost information is available for July for the Crest Plant at Calvert Company:

Beginning work-in-process inventory
Materials cost $ 65,500
Conversion cost 44,500
Total $ 110,000
Current costs
Materials cost $ 215,000
Conversion cost 465,000
Total $ 680,000

Materials are added at the beginning of the process. The following quantities have been recorded:

  • Beginning inventory, 49,500 partially complete gallons, 15 percent complete with respect to conversion costs.
  • Units started in July, 89,500 gallons.
  • Units transferred out in July, 99,500 gallons.
  • Ending inventory, 39,500 gallons, 65 percent complete with respect to conversion costs.

Required:

Compute the cost per equivalent unit for direct materials and conversion costs for July using the weighted-average method.

Note: Round your answers to 2 decimal places.

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_2

Step: 3

blur-text-image_3

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

Managerial Accounting

Authors: McGraw Hill Education

14th Edition

1121182518, 978-1121182516

More Books

Students also viewed these Accounting questions

Question

Compose the six common types of social business messages.

Answered: 1 week ago

Question

Describe positive and neutral messages.

Answered: 1 week ago