to the product. Data for the process is as follows: Direct Units Materials $ Conv Costs...

 

Transcribed Image Text:

to the product. Data for the process is as follows: Direct Units Materials $ Conv Costs % Complete Opening WIP 35,000 $475,000 $145,000 62% New units 200,000 Current Costs $2,600,000 $1,750,000 Finished 160,000 Ending WIP 54,000 85% Spoiled Units ??? Inspection point 50% Complete 12% Normal Spoilage (2 marks) Determine the number of normal and abnormal spoilage (physical units) produced in the period. (5 marks) Compute the equivalent # of units for the current period for both Direct Materials and Conversion Costs for normal spoilage, abnormal spoilage ending WIP and units completed & transferred. (4 marks) Calculate the costs per Equivalent units of Direct Materials and Conversion Costs. (6 marks) Assign costs of Direct Materials and Conversion Costs to completed expensive safety glasses, normal spoilage, abnormal spoilage and ending WIP (meaning, complete the cost reconciliation section of the production report). to the product. Data for the process is as follows: Direct Units Materials $ Conv Costs % Complete Opening WIP 35,000 $475,000 $145,000 62% New units 200,000 Current Costs $2,600,000 $1,750,000 Finished 160,000 Ending WIP 54,000 85% Spoiled Units ??? Inspection point 50% Complete 12% Normal Spoilage (2 marks) Determine the number of normal and abnormal spoilage (physical units) produced in the period. (5 marks) Compute the equivalent # of units for the current period for both Direct Materials and Conversion Costs for normal spoilage, abnormal spoilage ending WIP and units completed & transferred. (4 marks) Calculate the costs per Equivalent units of Direct Materials and Conversion Costs. (6 marks) Assign costs of Direct Materials and Conversion Costs to completed expensive safety glasses, normal spoilage, abnormal spoilage and ending WIP (meaning, complete the cost reconciliation section of the production report).