Compute equivalent units of production for materials, Accounting Basics

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Compute equivalent units of production for materials

Goode Company has the following production data for selected months.

			Ending Work in Process
Month	Beginning Work in Process	Units Transferred Out	Units	% Complete as to Conversion Cost
January	-0-	40,560	10,900	45	%
March	-0-	42,800	9,100	70	%
July	-0-	47,270	17,400	20	%

Compute equivalent units of production for materials and conversion costs, assuming materials are entered at the beginning of the process.

	Materials	Conversion Costs
January	?	?
March	?	?
July	?	?

Brief Exercise 3-6

Trek Company has the following production data for April: units transferred out 40,740, and ending work in process 6,080 units that are 100% complete for materials and 40% complete for conversion costs. If unit materials cost is $6 and unit conversion cost is $9.

Determine the costs to be assigned to the units transferred out and the units in ending work in process.

Transferred out		$????
Ending work in process		$????

Sanderson Company has the following production data for March: no beginning work in process, units started and completed 31,560, and ending work in process 5,070 units that are 100% complete for materials and 40% complete for conversion costs. Sanderson uses the FIFO method to compute equivalent units. If unit materials cost is $7 and unit conversion cost is $14.

Determine the costs to be assigned to the units transferred out and the units in ending work in process. The total costs to be assigned are $726,642.

Transferred out ???

Ending work in process ???

Production costs chargeable to the Finishing Department in May at Kim Company are materials $7,780, labor $19,950, overhead $17,690, and transferred-in costs $67,130. Equivalent units of production are materials 20,000 and conversion costs 18,800. Kim uses the FIFO method to compute equivalent units.

Compute the unit costs for materials and conversion costs. Transferred-in costs are considered materials costs. (Round answers to 2 decimal places, e.g. 2.25.)

Materials cost per unit		$???
Conversion cost per unit		$???

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Accounting Basics: Compute equivalent units of production for materials

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Accounting Basics: Compute equivalent units of production for materials

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Recent Questions Asked Accounting Basics

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Accounting Basics: Compute equivalent units of production for materials

Reference No:- TGS0691647

Recent Questions Asked Accounting Basics

Q : How can multinational firms reduce the tax liabilities

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Q : Find the rates at which the quantities are changing

Q : What was the predetermined overhead rate

Q : Compute equivalent units of production for materials

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