Timing Technology, Inc. manufactures timing devices. During 20x1, 1,300,000 units were completed and transferred to finished-goods inventory....

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Timing Technology, Inc. manufactures timing devices. During20x1, 1,300,000 units were completed and transferred tofinished-goods inventory. On December 31, 20x1, there were 310,000units in work in process. These units were 47 percent complete asto conversion and 100 percent complete as to direct material.Finished-goods inventory consisted of 364,000 units. Materials areadded to production at the beginning of the manufacturing process,and overhead is applied to each product at the rate of 100 percentof direct-labor costs. There was no finished-goods inventory onJanuary 1, 20x1. A review of the inventory cost records disclosedthe following information:
Costs
Units Materials Labor
Work in process, January 1, 20x1 300,000 $ 306,000 $ 313,400
(82% complete as to conversion)
Units started in production 1,310,000
Direct-material costs $ 2,270,000
Direct-labor costs $ 2,433,430
Problem 4-25 Part 3
3. Complete the following schedule as ofDecember 31, 20x1, to compute the costs per equivalent unit formaterial and conversion. (Round "Cost per Equivalent Unit"to 2 decimal places.)

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Units Reconciliation of Units A Opening WIP 300000 B Introduced 1310000 CAB TOTAL 1610000 D Transferred 1300000 ECD Closing WIP 310000 Statement of Equivalent Units Material Conversion Cost See Answer

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Timing Technology, Inc. manufactures timing devices. During20x1, 1,300,000 units were completed and transferred tofinished-goods inventory. On December 31, 20x1, there were 310,000units in work in process. These units were 47 percent complete asto conversion and 100 percent complete as to direct material.Finished-goods inventory consisted of 364,000 units. Materials areadded to production at the beginning of the manufacturing process,and overhead is applied to each product at the rate of 100 percentof direct-labor costs. There was no finished-goods inventory onJanuary 1, 20x1. A review of the inventory cost records disclosedthe following information:CostsUnitsMaterialsLaborWork in process, January 1, 20x1300,000$306,000$313,400(82% complete as to conversion)Units started in production1,310,000Direct-material costs$2,270,000Direct-labor costs$2,433,430Problem 4-25 Part 33. Complete the following schedule as ofDecember 31, 20x1, to compute the costs per equivalent unit formaterial and conversion. (Round "Cost per Equivalent Unit"to 2 decimal places.)

		Costs
		Costs
	Units	Materials			Labor
Work in process, January 1, 20x1	300,000	$	306,000	$	313,400
(82% complete as to conversion)
Units started in production	1,310,000
Direct-material costs		$	2,270,000
Direct-labor costs				$	2,433,430