Homework Answers
(1) Calculation of Equivalent Units of Production (on FIFO Basis)
|
Particulars |
Input Units |
Particulars |
Output Units |
Equivalent Production |
|||
|
Pulping |
Conversion |
||||||
|
% |
Units |
% |
Units |
||||
|
Opening Work In Process |
3400 |
Completed and Transferred to next Process : |
|||||
|
Units Tranf. To next Process |
166,400 |
From Opening WIP |
3400 |
- |
- |
20 % |
680 |
|
Closing Work in Process |
4000 |
From Fresh Issue (166,400-3400) |
163,000 |
100% |
163,000 |
100% |
163,000 |
|
Closing Unfinished Work in Process |
4,000 |
100% |
4,000 |
75% |
3,000 |
||
|
Total Equivalent Unit of Production |
167,000 |
166,680 |
(2) Calculation of Cost per unit of Equivalent Production
|
Particulars |
Cost |
Equivalent Units of Production |
Cost per equivalent unit |
|
Pulping |
$116,985 |
167,000 |
$ 0.70 per unit |
|
Conversion |
$ 73,176 |
166,680 |
$ 0.44 per unit |
(3) and (4) Calculation of Cost of Closing Work in Process and Units Transferred
|
Particulars |
Pulping |
Conversion |
Total |
|
Closing Work in Process |
4000 units * $ 0.70 = $ 2,802.04 |
3000 Units * $ 0.44 = $ 1,317.06 |
$ 4,119.10 |
|
Units Transferred to Next Process |
(163,000 units * $ 0.70) + $ 2,295 = $ 116,477.96 |
(163000 Units * 0.44) + (680 Units * 0.44) + $ 1,360 = $73,218.94 |
$189,696.90 |
(5) Reconciliation Statement :
|
Particulars |
Cost |
|
Cost to be Accounted For : |
|
|
Cost of Beginning Work in Process Inventory |
($2295 + $1360) = $3,655 |
|
Cost Added to Production during the period |
($116,985 + $ 73,176) = $190,161 |
|
$ 193,816 |
|
|
Cost Accounted For : |
|
|
Cost of Closing Work in Process Inventory |
$4,119.10 |
|
Cost of Units Transferred to Next Process |
$189,696.90 |
|
$ 193,816 |
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