ColorWorks' Painting Department uses a process costing system. It had a beginning Work in Process Inventory...
ColorWorks' Painting Department uses a process costing system. It had a beginning Work in Process Inventory of 160 units, which had direct material costs of $17,215. During June, 8,600 units were started and costs of $213,600 were incurred for direct materials. Ending inventory consists of 250 units, which are 80% complete with respect to direct materials. What is the cost per equivalent unit for direct materials during June? Weighted average method
Homework Answers
Answer------
| Material | |
| Cost per equivalent Unit | $ 26.50 |
Working
| Reconciliation of Units | ||
| A | Opening WIP | 160 |
| B | Introduced | 8,600 |
| C=A+B | TOTAL | 8,760 |
| D | Transferred | 8,510 |
| E=C-D | Closing WIP | 250 |
| Statement of Equivalent Units | |||||||
| Material | |||||||
| Units | Complete % | Equivalent units | |||||
| Transferred | 8,510 | 100% | 8,510 | ||||
| Closing WIP | 250 | 80% | 200 | ||||
| Total | 8,760 | Total | 8,710 | ||||
| COST | Material | |
| Beginning WIP Inventory Cost | $ 17,215 | |
| Cost incurred during period | $ 2,13,600 | |
| Total Cost to be accounted for | $ 2,30,815 | |
| Total Equivalent Units | 8,710 | |
| Cost per Equivalent Units | $ 26.50 |
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