Question 1 - Unit Reconciliation
During August, Panama Paint Company engaged in manufacturing cans of paint, with the following information concerning its production:
Cans of paint completed 90,000
Cans in production at August 1 850
Beginning units complete with respect to material 75%
Beginning units complete with respect to conversion costs 50%
Cans started during August 95,000
Required - How many units were in Work in Process at the end of August?
Question 2 - Cost Reconciliation
During December, Western Solvent engaged in manufacturing containers of solvent. The following information concerns its production:
Units completed 40,000
Units in ending work in process 10,000
Ending units complete with respect to labor and overhead 30%
Ending units complete with respect to material 100%
Costs incurred during December:
Material cost $260,000
Labor cost 120,000
Manufacturing overhead cost 161,000
Cost per equivalent unit:
Material $6.00
Labor $3.00
Manufacturing overhead $4.00
Required - Calculate the amount of material cost, labor cost, and overhead cost in beginning Work in Process inventory.
Question 3 - Comprehensive Problem, One Department
Regal Polish manufactures a single product in one department and uses a process costing system. During May, the following production activity occurred:
Units in process at May 1 11,000
Beginning units complete with respect to material 100%
Beginning units complete with respect to conversion costs 60%
Units started during May 105,000
Units in process at May 31 5,100
Ending units complete with respect to material 100%
Ending units complete with respect to conversion costs 70%
Cost Information Beginning Work in Process Costs Added in May
Direct material $4,000 $76,040.00
Direct labor 200 8,957.60
Overhead 300 10,002.30
Total $4,500 $94,999.90
Required -
a. Calculate the cost per equivalent unit for each of the three cost items and in total.
b. Calculate the cost of units completed in May and the cost of ending Work in Process.
c. Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in May.
Attachment:- Assignment.rar