Toronto Manufacturing Ltd. has the following cost and production data for the month of November. Beginning WIP...

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Accounting

Toronto Manufacturing Ltd. has the following cost and productiondata for the month of November.
Beginning WIP 16,400 units
Started in production 103,400
Completed production 90,600
Ending WIP 29,200
The ending inventory was 40% complete for conversion costs.Materials are added at the beginning of the process.
Costs pertaining to the month of November are as follows:
Beginning inventory costs are: Materials $63,100 Direct labour21,900 Factory overhead 15,900
Costs incurred during November include: Materials $559,860Direct labour 195,000 Factory overhead 355,310
(a) Calculate the equivalent units of production for materialsand for conversion costs.
(b) Calculate the unit costs for the month
(c) Determine the costs to be assigned to the units transferredout and in ending work in process

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4.2 Ratings (799 Votes)

UNITS TO ACCOUNT FOR Beginning Work in Process units 16400 Add Units Started in Process 103400 Total Units to account for 119800 UNITS TO BE ACCOUNTED FOR Units started and completed 90600 Ending Work in Process 29200 Total Units to be accounted for 119800 Equivalent Units See Answer

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Toronto Manufacturing Ltd. has the following cost and productiondata for the month of November.Beginning WIP 16,400 unitsStarted in production 103,400Completed production 90,600Ending WIP 29,200The ending inventory was 40% complete for conversion costs.Materials are added at the beginning of the process.Costs pertaining to the month of November are as follows:Beginning inventory costs are: Materials $63,100 Direct labour21,900 Factory overhead 15,900Costs incurred during November include: Materials $559,860Direct labour 195,000 Factory overhead 355,310(a) Calculate the equivalent units of production for materialsand for conversion costs.(b) Calculate the unit costs for the month(c) Determine the costs to be assigned to the units transferredout and in ending work in process