60.1K

Verified Solution

Link Copied!

QUESTION 1

What are the total costs to be accounted for? (No "$" or "," in your answer, just the number!)

QUESTION 2

What are the Objective #1 equivalent untis for conversion costs? (No "," in your answer, just the number!)

QUESTION 3

What is the Objective #2 cost per equivalent for conversion costs? (No "$" or "," in your answer, just the number!)

QUESTION 4

What is the Objective #2 cost per equivalent unit total unit cost? (No "$" or "," in your answer, just the number!)

QUESTION 5

What is the Objective #3 cost of the units started and completed? (No "$" or "," in your answer, just the number!)

QUESTION 6

What is the Objective #3 cost assignment for total transferred out? (No "$" or "," in your answer, just the number!)

QUESTION 7

What is the Objective #3 cost assignment total ending work in process? (No "$" or "," in your answer, just the number!)

Data Section:
		Conversion
		Percent
		Completed	Units	Cost
		-	-----------------	-----------------
Work in process, beginning		40%	60,000	$94,800
Materials added				150,000
Conversion costs incurred				600,000
Units completed during month			210,000
Work in process, ending		70%	30,000
-	-	-	-	-	-
Answer Section:
Porter Enterprises
Cost of Production Report
For Month of June
-
1) Units to account for:
Beg. work in proc.	60,000		Units completed		210,000
Units started (240,000-60,000)	180,000		End. work in proc.		30,000
	240000				240000
Total units to be			Total units
accounted for	240,000		Accounted for		240,000
	240,000				240000
-	-	-	-	-	-
2) Costs to account for:
			Total
Beginning work in process			94,800
Materials added			150,000
Conversion costs incurred			600,000
Total costs			844,800
-		-	=======	-	-
3) Equivalent unit computations:
				Equivalent units
			Total	-	--------
			Units	Materials	Conver.
Beginning work in process			60,000	0	36000
Units started and completed			150,000	150,000	150,000
Ending work in process			30,000	30,000	21000
			-----------------	-----------------	-----------------
Total units to be Accounted for			240,000	180,000	207,000
			========
Total equivalent units				180,000	207,000
				========	========
-	-	-	-	-	-
4) Costs per equivalent unit:
(Rounded to nearest cent)				Materials	Conver.
Cost				150,000	600,000
Equivalent units				180,000	207,000
Cost per equivalent unit				0.83	2.90
-	-	-	-	-	-
5) Production cost allocation:
Beginning work in process:
Prior period cost				94,800
Conversion of beginning work in process			36,000*2.9	104347.826	199,148
				-----------------
Units started and completed			(150,000*0.83)+ 150,000*2.9	559,783	559,783
Ending work in process:
Materials			30,000*0.83	25000
Conversion			21,000*2.9	60869.5652
				-----------------
Total ending work in process					85869.5652
Total costs accounted for					844,800

Answer & Explanation Solved by verified expert

See Answer