Question

# The Polishing Department of Major Company has the following production and manufacturing cost data for September....

The Polishing Department of Major Company has the following production and manufacturing cost data for September. Materials are entered at the beginning of the process. Production: Beginning inventory 1.660 units that are 100% complete as to materials and 30% complete as to conversion costs: units started during the period are 40,600; ending inventory of 6.400 units 10% complete as to conversion costs. Manufacturing costs: Beginning inventory costs, comprised of \$21,700 of materials and \$9,660 of conversion costs; materials costs added in Polishing during the month, \$181,148; labor and overhead applied in Polishing during the month, \$127.200 and \$257,340, respectively. x Your answer is incorrect Compute the equivalent units of production for materials and conversion costs for the month of September. Materials Conversion Costs The equivalent units of production 35860 36219 * Your answer is incorrect. Compute the unit costs for materials and conversion costs for the month. (Round unit costs to 2 decimal places, eg. 2.25.) Materials Conversion Costs 10.88 Unit costs \$ 5.66 \$ x Your answer is incorrect. Determine the costs to be assigned to the units transferred out and in process. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to O decimal places, e.g. 1,225.) Transferred out Ending work in process \$ 593124 43187

Solution

 Material Conversion Equivalent Units of Production 42,260 36,500

.

 Material Conversion Cost per equivalent Unit \$                    4.80 \$                 10.80

.

 Transferred out \$             559,416 Work in process \$                37,632

Working

 Statement of Equivalent Units(Weighted average) Material Conversion cost Units Complete % Equivalent units Complete % Equivalent units Transferred out 35,860 100% 35,860 100% 35,860 Ending WIP 6,400 100% 6,400 10% 640 Total 42,260 Total 42,260 Total 36,500

.

 Reconciliation of Units A Beginning WIP 1,660 B Introduced 40,600 C=A+B TOTAL 42,260 D Transferred out 35,860 E=C-D Ending WIP 6,400

.

 Cost per Equivalent Units (Weighted average) COST Material Conversion cost TOTAL Beginning WIP Inventory Cost \$ 21,700 \$ 9,660 \$ 31,360 Cost incurred during period \$ 181,148 \$ 384,540 \$ 565,688 Total Cost to be accounted for \$ 202,848 \$ 394,200 \$ 597,048 Total Equivalent Units 42,260 36,500 Cost per Equivalent Units \$                   4.80 \$                   10.80 \$             15.60

.

 Statement of cost (Weighted average) Cost Equivalent Cost/unit Ending WIP Transferred Units Cost Allocated Units Cost Allocated Material \$ 4.80 6,400 \$          30,720.00 35,860 \$ 172,128 Conversion cost \$ 10.80 640 \$             6,912.00 35,860 \$ 387,288 TOTAL \$ 597,048 TOTAL \$ 37,632 TOTAL \$ 559,416

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