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In March, Kelly Company had the following unit production costs: materials $10 and conversion costs $7. On March 1, it had no work Kelly transferred out 20,000 units. As of March 31, 3,000 units that were 30% complete as to conversion costs and 100% complete a ending work in process.

In March, Kelly Company had the following unit production costs: materials $10 and conversion costs $7. On March 1, it had no work Kelly transferred out 20,000 units. As of March 31, 3,000 units that were 30% complete as to conversion costs and 100% complete a ending work in process.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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In March, Kelly Company had the following unit production costs: materials $10 and conversion costs $7. On March 1, it had no work in process. During March, Kelly transferred out 20,000 units. As of March 31, 3,000 units that were 30% complete as to conversion costs and 100% complete as to materials were in ending work in process. Compute the total units to be accounted for. Total units Compute the equivalent units of production. The equivalent units of production Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process. Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 31 Materials Conversion costs Materials Conversion costs Total costs
Transcribed Image Text:In March, Kelly Company had the following unit production costs: materials $10 and conversion costs $7. On March 1, it had no work in process. During March, Kelly transferred out 20,000 units. As of March 31, 3,000 units that were 30% complete as to conversion costs and 100% complete as to materials were in ending work in process. Compute the total units to be accounted for. Total units Compute the equivalent units of production. The equivalent units of production Prepare a cost reconciliation schedule, including the costs of materials transferred out and the costs of materials in process. Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 31 Materials Conversion costs Materials Conversion costs Total costs
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