Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1.  Direct materials cost per equivalent unit $fill in the blank 1 2.  Conversion cost per equivalent unit $fill in the blank 2 3.  Cost of the beginning work in process completed during March $fill in the blank 3 4.  Cost of units started and completed during March $fill in the blank 4 5.  Cost of the ending work in process $fill in the blank 5 b.  Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase, decrease, or remain the same in March?

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.

ACCOUNT Work in Process—Baking Department ACCOUNT NO.
Date Item Debit Credit Balance
Debit Credit
Mar. 1 Bal., 8,100 units, 2/3 completed     19,440    
  31 Direct materials, 145,800 units 277,020     296,460    
  31 Direct labor 74,740     371,200    
  31 Factory overhead 42,044     413,244    
  31 Goods finished, 147,600 units   398,250   14,994    
  31 Bal. ? units, 3/5 completed     14,994    

a.  Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent.

1.  Direct materials cost per equivalent unit $fill in the blank 1
2.  Conversion cost per equivalent unit $fill in the blank 2
3.  Cost of the beginning work in process completed during March $fill in the blank 3
4.  Cost of units started and completed during March $fill in the blank 4
5.  Cost of the ending work in process $fill in the blank 5

b.  Assuming that the direct materials cost is the same for February and March, did the conversion cost per equivalent unit increase, decrease, or remain the same in March?

Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps with 6 images

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education