Beg. Work in process Started & Completed Ending Work in process Total Whole Units FORMULA 2 FORMULA 3 FORMULA 3 Direct Mat. % Added During the Month FORMULA 5 FORMULA 6 FORMULA 7 Direct Mat. Equiv. Units FORMULA 8 FORMULA 9 FORMULA 10 Conversion% Added During Conversion Equiv. Units FORMULA 15 FORMULA 19 Beginning Direct Inventory Materials Conversion the Month FORMULA 12 FORMULA 13 FORMULA 14 FORMULA 16 FORMULA 20 FORMULA 22 FORMULA 25 FORMULA 23 FORMULA 26 FORMULA 17 FORMULA 21 FORMULA 24 FORMULA 27 $0 $0 $0 Total SO SO SO $0
THIS IS A PRACTICE SHEET, NOT GRADED!
EXCEL STYLE. ANSWER WHERE IT SAYS FORMULA
M3
Total costs can be calculated as follows:
Total costs = Beginning work in process + Materials added + Conversion costs incurred
Total costs = $94,800 + $151,200 + $600,300
Total costs = $846,300
To find out the cost assignment details, we need to calculate equivalent units of production for both direct materials and conversion costs.
Equivalent Units of Production:
Direct Materials:
Units completed = 210,000
Ending work in process = 30,000 * 70% = 21,000 units
Total equivalent units of production for direct materials = Units completed + Ending work in process = 210,000 + 21,000 = 231,000 units
Conversion Costs:
Beginning work in process = 60,000 * 40% = 24,000 units
Units completed = 210,000
Ending work in process = 30,000 * 70% = 21,000 units
Total equivalent units of production for conversion costs = Beginning work in process + Units completed + Ending work in process = 24,000 + 210,000 + 21,000 = 255,000 units
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