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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 a

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
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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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