John's Pound Cake uses a process order system. Calculate the price per pound cake for August...
John's Pound Cake uses a process order system. Calculate the price per pound cake for August based on the following information: Beginning work in process inventory 1,000 pound cakes. Pound cakes placed in service 15,000 pound cakes Ending Work in Process Inventory 2,000 pound cakes. The pound cakes are 100% complete as to material and 50% complete as to direct labor and manufacturing overhead. The Manufacturing Costs for August are: Direct Material $5,000 Direct Labor $4,000 Manufacturing Overhead $2,000.
Homework Answers
Step 1 - Calculation of completed Units
| Pounds | |
| Beginning Work in process inventory | 1,000 |
| Pounds placed in process | 15,000 |
| Total | 16,000 Pounds |
| Ending Work in process | 2,000 |
| Completed units (16000 - 2000) | 14,000 |
| Total | 16,000 Pounds |
Step 2 - Calculation of Equivalent Units
| Equivalent Units |
Physical Units (Pounds) |
Direct material (Pounds) |
Direct Labor and overhead (Pounds) |
||
| Completed | 14,000 | 100% | 14,000 | 100% | 14,000 |
| Ending WIP | 2,000 | 100% | 2,000 | 50% | 1,000 |
| Equivalent Units | 16,000 Pounds | 15,000 Pounds | |||
Step 3 Calculate the price per pound cake for August
| Cost | Equivalent units | Cost per unit | |
| Direct material Cost | $5,000 | 16,000 Pounds | $ 0.3125 |
|
Direct Labor and Overhead ($4000 + $2000) |
$6,000 | 15,000 Pounds | $ 0.40 |
| Price per pound cake for August | $ 0.7125 | ||
Hence, the price per pound cake for August = $ 0.7125 Per
Pound
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John's Pound Cake uses a process order system. Calculate the
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