The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.Attachmenta. Determine the number of units in work in process inventory at March 31.b. Determine the equivalent units of production for direct materials and conversion costs in March. ACCOUNT Work in Process-Baking DepartmentDateItemMar. 1 Bal., 18,000 units, % completed31Direct materials, 336,000 unitsDirect labor3131 Factory overhead31 Goods finished, 330,000 units31 Bal. 2 units, % completedDebit252,00040,00060,530Credit346,410ACCOUNT NO.BalanceDebit14,760266,760306,760367,29020,88020,880Credit

Process costing is actually a system of costing that uses cost per equivalent unit and equivalent…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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

Attachment

a. Determine the number of units in work in process inventory at March 31.
b. Determine the equivalent units of production for direct materials and conversion costs in March.

ACCOUNT Work in Process-Baking Department
Date
Item
Mar. 1 Bal., 18,000 units, % completed
31
Direct materials, 336,000 units
Direct labor
31
31 Factory overhead
31 Goods finished, 330,000 units
31 Bal. 2 units, % completed
Debit
252,000
40,000
60,530
Credit
346,410
ACCOUNT NO.
Balance
Debit
14,760
266,760
306,760
367,290
20,880
20,880
Credit

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