Question

for December Information for the Production Department are! WAP Dec. 1 Units 7,200 (45% complete) DM + 42,000 DL $50,400 OI 14,400 During December 38,400 units were completed and Transfered out to the production department These were to costs incurred: DM $144,000 DL $199.800 OH $60,000 By December 31st the 3,600 unit that were 85% complete remained in the department. Using the weighted average method what were the equivalent whits of production the ending work in process

Answer 1

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Production Department
Cost of Production Report	Weighted Average Method
	Whole Units	Equivalent Units
		Material	Conversion
Physical Flow Schedule							Materials received in Dec-
Units charged to production:							Completed and transferred out			38,400.00
Inventory in process on Dec 1	7,200.00						Add: closing			3,600.00
Direct materials received	34,800.00				See Note A		Less: Opening			7,200.00
Total units accounted	42,000.00						Materials received in Dec-			34,800.00	Note A
Equivalent Units							Started and completed in Dec
Inventory in Process, Dec 1	7,200.00	7,200.00	7,200.00		F		Completed and transferred out			38,400.00
Started and completed in Dec	31,200.00	31,200.00	31,200.00		See Note B		Less: Opening			7,200.00
Goods finished in Dec	38,400.00	38,400.00	38,400.00		G= F+B		Started and completed in Dec			31,200.00	Note B
Inventory in Process, Dec 31 (85% completed)	3,600.00	3,600.00	3,060.00		H
Equivalent Units	42,000.00	42,000.00	41,460.00		C
COSTS				Total
Costs per equivalent unit
Total costs for Dec		186,000.00	317,600.00	503,600.00	D	This cost included opening WIP cost also. So for Material its $ (144000+42000) and for conversion its $ (50400+14400+192800+60000).
Total equivalent units		42,000.00	41,460.00		See C
Unit costs		4.43	7.66		E=D/C
Valuation of Inventories & Cost reconciliation
Inventory in Process, Dec 1		42,000.00	64,800.00	106,800.00		This is opening WIP cost. So for Material its $ 42000 and for conversion its $ (50400+14400).
Costs incurred in Dec		144,000.00	252,800.00	396,800.00		This is cost incurred in Dec. So for Material its $ 144000 and for conversion its $ (192800+60000).
Total costs accounted for		186,000.00	317,600.00	503,600.00
Costs allocated to completed and partially completed units
To complete Inventory in Process, Dec 1		31,885.71	55,154.85	87,040.56	I= F*E
Started and completed in Dec		138,171.43	239,004.34	377,175.77	J= B*E
Finished goods in Dec		170,057.14	294,159.19	464,216.33	K=I+J
Inventory in Process, Dec 31 (85% completed)		15,942.86	23,440.81	39,383.67	L=H*E
Total costs assigned				503,600.00	M=K+L
Note: in Weighted Average method total cost (production+ Opening WIP) is allocated among equivalent units.
Answer 1	Material	Conversion
Equivalent Units of production	42,000.00	41,460.00	See Note C
Answer 2
Ending work in process	3,600.00	3,060.00	See Note H
Ending work in process ($)	15,942.86	23,440.81	See Note L