The following information concerns production in the Baking Department for May. All direct materials are placed...

60.1K

Verified Solution

Question

Accounting

The following information concerns production in the BakingDepartment for May. All direct materials are placed in process atthe beginning of production.
ACCOUNT Work in Process—BakingDepartment ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
May. 1 Bal., 7,200 units, 1/3 completed 12,360
31 Direct materials, 129,600 units 194,400 206,760
31 Direct labor 59,730 266,490
31 Factory overhead 33,594 300,084
31 Goods finished, 131,400 units 288,960 11,124
31 Bal. ? units, 4/5 completed 11,124
a. Based on the above data, determine each costlisted below. Round "cost per equivalent unit" answers to thenearest cent.
1. Direct materials cost per equivalent unit. $
2. Conversion cost per equivalent unit. $
3. Cost of the beginning work in process completed duringMay. $
4. Cost of units started and completed during May. $
5. Cost of the ending work in process. $

Answer & Explanation Solved by verified expert

3.6 Ratings (571 Votes)

Solution a1 a2 Baking Department Computation of Equivalent unit FIFO Particulars Physical units Material Conversion Units to be accounted for Beginning WIP Inventory 7200 Units started this period 129600 Total unit to be accounted for 136800 Units Accounted for Units completed and 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

ACCOUNT Work in Process—BakingDepartment					ACCOUNT NO.
Date		Item	Debit	Credit	Balance
Date		Item	Debit	Credit	Debit	Credit
May.	1	Bal., 7,200 units, 1/3 completed			12,360
	31	Direct materials, 129,600 units	194,400		206,760
	31	Direct labor	59,730		266,490
	31	Factory overhead	33,594		300,084
	31	Goods finished, 131,400 units		288,960	11,124
	31	Bal. ? units, 4/5 completed			11,124

1. Direct materials cost per equivalent unit.	$
2. Conversion cost per equivalent unit.	$
3. Cost of the beginning work in process completed duringMay.	$
4. Cost of units started and completed during May.	$
5. Cost of the ending work in process.	$