Question
Transferred-in Direct Materials Conversion Costs Cost per equivalent unit: $2.94 $0.30 $1.46 Formic CountertopFormic Countertop produces Formica countertops in two sequential production? departments: Forming and
Transferred-in | Direct Materials | Conversion Costs | ||
Cost per equivalent unit: | $2.94 | $0.30 | $1.46 |
Formic CountertopFormic Countertop produces Formica countertops in two sequential production? departments: Forming and Polishing. The Polishing Department calculated the following costs per equivalent unit? (square metres) on its OctoberOctober production cost? report:
?
During October 180,000 square metere were completed and transferred out of the Polishing Department to finished goods inventory. The countertops were subsequently sold for
$ 13.00 per square metre.
Requirements
1. | What was the cost per square metre of the finished? product? |
2. | Did most of the production cost occur in the Forming Department or in the Polishing? Department? Explain how you can tell. |
3. | What was the gross profit per square? metre? |
4. | What was the total gross profit on the countertops produced in OctoberOctober?? |
Enter the? formula, then compute the gross profit per square metre.
x | = | Total gross profit | ||||
x | = |
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