Compute the unit costs for materials and conversion costs
Goode Company has the following production data for selected months.
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Ending |
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Beginning |
Units |
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% Complete as to |
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| 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.
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Materials |
Conversion Costs |
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| January |
? |
? |
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| March |
? |
? |
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| 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 ??? |
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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.
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Rating:
/5
