Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for...

60.1K

Verified Solution

Question

Accounting

Cost of Units Completed and in Process
The charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at the beginning ofproduction.
Work inProcess—Assembly Department
Bal., 6,000 units, 75%completed 25,500 To Finished Goods,138,000 units ?
Direct materials,141,000 units @ $1.4 197,400
Direct labor 403,400
Factory overhead 156,865
Bal. ? units, 35%completed ?
Cost per equivalent units of $1.40 for Direct Materials and$4.10 for Conversion Costs.
a. Based on the above data, determine thedifferent costs listed below.
If required, round your interim calculations to two decimalplaces.
1. Cost of beginning work in process inventory completed thisperiod. $
2. Cost of units transferred to finished goods during theperiod. $
3. Cost of ending work in process inventory. $
4. Cost per unit of the completed beginning work in processinventory, rounded to the nearest cent. $
b. Did the production costs change from thepreceding period?
c. Assuming that the direct materials cost perunit did not change from the preceding period, did the conversioncosts per equivalent unitincrease, decrease, or remain the same forthe current period?

Work inProcess—Assembly Department
Bal., 6,000 units, 75%completed	25,500	To Finished Goods,138,000 units	?
Direct materials,141,000 units @ $1.4	197,400
Direct labor	403,400
Factory overhead	156,865
Bal. ? units, 35%completed	?

Answer & Explanation Solved by verified expert

3.9 Ratings (726 Votes)

Question a 1 Cost of Beginning WIP 25500 6150 31650 Existing cost of the WIP 25500 Given Cost to complete 0 140 6000 Units 025 410 6150 Here we have 6000 units There 100 already completed in respect of material and 75 in respect of conversion So in the current See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingCost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a...Cost of Units Completed and in ProcessThe charges to Work in Process—Assembly Department for a period,together with information concerning production, are as follows.All direct materials are placed in process at the beginning ofproduction.Work inProcess—Assembly DepartmentBal., 6,000 units, 75%completed25,500To Finished Goods,138,000 units?Direct materials,141,000 units @ $1.4197,400Direct labor403,400Factory overhead156,865Bal. ? units, 35%completed?Cost per equivalent units of $1.40 for Direct Materials and$4.10 for Conversion Costs.a. Based on the above data, determine thedifferent costs listed below.If required, round your interim calculations to two decimalplaces.1. Cost of beginning work in process inventory completed thisperiod.$2. Cost of units transferred to finished goods during theperiod.$3. Cost of ending work in process inventory.$4. Cost per unit of the completed beginning work in processinventory, rounded to the nearest cent.$b. Did the production costs change from thepreceding period?c. Assuming that the direct materials cost perunit did not change from the preceding period, did the conversioncosts per equivalent unitincrease, decrease, or remain the same forthe current period?

1. Cost of beginning work in process inventory completed thisperiod.	$
2. Cost of units transferred to finished goods during theperiod.	$
3. Cost of ending work in process inventory.	$
4. Cost per unit of the completed beginning work in processinventory, rounded to the nearest cent.	$