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Transferred-In Cost Golding's finishing department had the following data for July: Transferred-In Materials Conversion Units transferred out 60,000 60,000 60,000 Units in EWIP 13,000 11,000 9,000   Equivalent units 73,000 71,000 69,000 Costs:   Work in...

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Accounting

Transferred-In Cost

Golding's finishing department had the following data forJuly:

Transferred-InMaterialsConversion
Units transferred out60,00060,00060,000
Units in EWIP13,00011,0009,000
  Equivalent units73,00071,00069,000
Costs:
  Work in process, July 1:
    Transferred-in from fabricating$2,100
    Materials1,500
    Conversion costs3,000
      Total$6,600
  Current costs:
    Transferred-in from fabricating$30,900
    Materials22,500
    Conversion costs45,300
      Total$98,700

Required:

1. Calculate unit costs for the followingcategories: transferred-in, materials, and conversion. Round youranswers to the nearest cent.

Unit transferred-in cost$
Unit materials cost$
Unit conversion cost$

2. Calculate total unit cost. Round your answerthe nearest cent.
$

Answer & Explanation Solved by verified expert
4.3 Ratings (917 Votes)

Solution

Unit transferred-in cost

$0.45

Unit materials cost

$0.34

Unit conversion cost

$0.70

Working

Cost per Equivalent Units

COST

Cost Transferred

Material

Conversion Cost

TOTAL

Beginning WIP Inventory Cost

$     2,100.00

$       1,500.00

$         3,000.00

$               6,600.00

Cost incurred during period

$   30,900.00

$     22,500.00

$      45,300.00

$            98,700.00

Total Cost to be accounted for

$   33,000.00

$     24,000.00

$      48,300.00

$         1,05,300.00

Total Equivalent Units

            73,000

              71,000

                69,000

Cost per Equivalent Units

$             0.45

$               0.34

$                 0.70

Requirement 2

Total Unit cost= $ 1.49

Total units cost= $0.45+0.34+0.70

.

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