50.1K

Verified Solution

Link Copied!

During April, the production department of a process manufacturing system completed a number of units of a product and transferred them to finished goods. Of these transferred units, 66,000 were in process in the production department at the beginning of April and 264,000 were started and completed in April. Aprils beginning inventory units were 65% complete with respect to materials and 35% complete with respect to conversion. At the end of April, 88,000 additional units were in process in the production department and were 80% complete with respect to materials and 30% complete with respect to conversion.

The production department had $970,368 of direct materials and $709,296 of conversion costs charged to it during April. Also, its beginning inventory of $197,066 consists of $142,472 of direct materials cost and $54,594 of conversion costs.

Using the FIFO method, prepare the direct materials cost and the conversion cost per equivalent unit and assign April's costs to the departments output. (Round "Cost per EUP" to 2 decimal places.)

Equivalent Units of Production (EUP)- FIFO Method Units % Materials EUPMaterials % Conversion EUPConversion Units completed and transferred out 370,000 100% 370,000 100% 370,000 Units in ending work in process 96,000 90% 86,400 40% 38,400 Equivalent units of production Cost per Equivalent Unit of Production Materials Conversion Total costs Costs Costs Equivalent units of production EUP 0 EUP 0 Cost per equivalent unit of production (rounded to 2 decimals) 0 0 Total Costs to Account for: Total costs to account for: $0.00 Total costs accounted for Difference due to rounding cost/unit $0.00 Assignment of Costs to Output of Department Cost of 66,000 units from beginning inventory Beginning inventory EUP Cost per EUP Total cost Materials to complete Conversion to complete Total costs to complete Total cost of 66,000 units in beginning inventory $0.00 Cost of units started and completed this period EUP Cost per EUP Total cost Direct materials $0.00 $0.00 Conversion costs $0.00 0.00 Total cost of 264,000 units started and completed Total cost of 330,000 units transferred out Costs of units in ending inventory EUP Cost per EUP Total cost Direct materials $0.00 $0.00 Conversion costs $0.00 0.00 Total cost of 88,000 units in ending inventory Total costs assigned

Answer & Explanation Solved by verified expert

See Answer