Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work

The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production.

ACCOUNT Work in ProcessBaking Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
Dec. 1 Bal., 9,300 units, 3/5 completed 17,577
31 Direct materials, 167,400 units 251,100 268,677
31 Direct labor 75,370 344,047
31 Factory overhead 42,398 386,445
31 Goods finished, 169,500 units 372,621 13,824
31 Bal., ? units, 3/5 completed 13,824

a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.

1. Direct materials cost per equivalent unit $fill in the blank 1
2. Conversion cost per equivalent unit $fill in the blank 2
3. Cost of the beginning work in process completed during December $fill in the blank 3
4. Cost of units started and completed during December $fill in the blank 4
5. Cost of the ending work in process $fill in the blank 5

b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

Decrease Increase Remain the same

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

Modern Financial Markets And Institutions

Authors: Glen Arnold

1st Edition

0273730355, 9780273730354

More Books

Students also viewed these Accounting questions

Question

A dozen common classroom management mistakes and what to do instead

Answered: 1 week ago