3. Edney Corporation produces a product that passes through two departments. For October, the following equivalent unit schedule was prepared for the first department (materials are only added at the beginning of the process):
Materials Conversion
Units completed 125,000 125,000
Units ending WIP x fraction complete:
Materials (12,000 x 100 percent) 12,000
Conversion (12,000 x 20 percent) 2,400
Equivalent units in process 137,000 127,400
Costs assigned to beginning work-in-process:
Materials $78,440
Conversion 31,728
Manufacturing costs incurred during the month:
Materials $75,000
Conversion 60,000
Required:
a. Compute the unit costs for January using the weighted average method.
b. Determine the cost of goods transferred out.
c. Determine the cost of ending work-in-process.
Materials Conversion
Units completed 125,000 125,000
Units ending WIP x fraction complete:
Materials (12,000 x 100 percent) 12,000
Conversion (12,000 x 20 percent) 2,400
Equivalent units in process 137,000 127,400
Costs assigned to beginning work-in-process:
Materials $78,440
Conversion 31,728
Manufacturing costs incurred during the month:
Materials $75,000
Conversion 60,000
Required:
a. Compute the unit costs for January using the weighted average method.
b. Determine the cost of goods transferred out.
c. Determine the cost of ending work-in-process.
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