Homework Answers
(a) Equivalent units :-
|
Chemical Mix |
Additional Chemical |
Conversion cost |
|
|
Gallons completed during month |
98000 |
98000 |
98000 |
|
Ending WIP |
12000 |
0 |
(12000 * 70%) =8400 |
|
Equivalent units |
110000 |
98000 |
106400 |
(b) Cost per Unit:-
|
Chemical Mix |
Additional Chemical |
Conversion cost |
|
|
BWIP cost |
$5000 |
$0 |
$3000 |
|
Cost added during month |
$65000 |
$15000 |
$35000 |
|
Total (A) |
$70000 |
$15000 |
$38000 |
|
Equivalent units (B) |
110000 |
98000 |
106400 |
|
Cost per unit (A/B) |
$0.6364 |
$0.1531 |
$0.3571 |
(c) Cost transferred to finished goods = 98000 units * ($0.6364 + $0.1531 + $0.3571) = $112366.8
(d) Cost of Ending WIP = Chemical Mix = 12000 * $0.6364 = $7636.80
Conversion cost = 8400 * $0.3571 = $2999.64
Total = $7636.80 + $2999.64 = $10636.44
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