| Jupiter Corporation manufactures home security devices. During 20x4, 1,000,000 units were completed and transferred to finished-goods inventory. On December 31, 20x4, there were 310,000 units in work in process. These units were 48 percent complete as to conversion and 100 percent complete as to direct material. Finished-goods inventory consisted of 250,000 units. Materials are added to production at the beginning of the manufacturing process, and overhead is applied to each product at the rate of 100 percent of direct-labor costs. There was no finished-goods inventory on January 1, 20x4. A review of the inventory cost records disclosed the following information: | | Costs | | | | | | | Units | Direct Materials | Labor | | Work in process, January 1, 20x4 (83% complete as to conversion) | 210,000 | $ | 300,000 | $ | 310,400 | | Units started in production | 1,100,000 | | | | | | Direct-material costs | | $ | 1,403,000 | | | | Direct-labor costs | | | | $ | 1,700,000 | | Complete the following schedule as of December 31, 20x4, to compute the physical flow of units. | | Physical Units | | | | | | | | | | | Total Units to account for | | | | | | | | | | | | Total Units accounted for | | | | Complete the following schedule as of December 31, 20x4, to compute the equivalent units of production using the weighted-average method. | | | Equivalent Units | Equivalent Units | | | Physical Units | Direct material | Conversion | | | | | | | | | | | | | | | | | Total Units Accounted for | | | | | Total Equivalent Units | | | | Complete the following schedule as of December 31, 20x4, to compute the costs per equivalent unit for material and conversion. (Round "Cost per equivalent unit" to 2 decimal places.) | | Direct Material | Conversion | Total | | | | | | | | | | | | | | | | | Total Costs to account for | | | | | Equivalent Units | | | | | Costs per Equivalent Unit | | | | | | 4-a. | Complete the following schedule as of December 31, 20x4, to compute the cost of work-in-process inventory. (Round "Cost per equivalent unit" to 2 decimal places.) | | Number of Equivalent Units | Cost per Equivalent Unit | Total Cost | | Direct Material | | | | | Conversion | | | | | Total Cost of 12/31/x4 Work In Process Inventory | | | | | | 4-b. | Complete the following schedule as of December 31, 20x4, to compute the cost of finished-goods inventory. (Round "Cost per equivalent unit" to 2 decimal places.) | | | | | | Number of units completed: | | | Cost per equivalent unit: | | | Cost of goods completed and transferred out: | | | Finished goods inventory (units): | | | Cost of finished goods inventory: | | | |
