Kramer Corp. began the current period with 4,000 units in process that were 100% complete as...

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Kramer Corp. began the current period with 4,000 unitsin process that were 100% complete as to materials and 60% completeas to conversion. Costs of $7,500 in direct materials and $4,700 inconversion costs were incurred in manufacturing those units in theprevious period. Kramer ended the current period with 20,000 unitscompleted and 5,00 units still in process. Work in process was 100%complete as to materials and 70% complete as to conversion costs.Kramer incurred $67,500 in direct materials costs, $7,000 in directlabor costs, and $40,00 in manufacturing overhead costs during theperiod.
1.) Reconcile the number physical units worked on in thecurrent month.
2.) Calculate the number of equivalent units forconversion costs.
3.) Calculate the cost per equivalent unit forconversion costs. (Round to 2 decimals)
???????3.) Reconcile the total cost of completed andending work in process inventory.
If you can please provided the formula so I can practice onsimilar questions and how you figured it out. Thanks!

Answer & Explanation Solved by verified expert

4.2 Ratings (755 Votes)

FIFO METHOD HAS BEEN USED FOR THE SOLUTION 1 UNITS TO ACCOUNT FOR Physical Units Beginning units in process 4000 Units Started during the period 16500 Total Units 20500 2 UNITS ACCOUNTED FOR Equivalent Units Physical Units See Answer

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