Instructions: 1. Compute the physical flow of units 2. Compute the equivalent units of production for materials and conversion costs for the month of September 3. Compute the unit costs for materials and conversion costs for the month 4. Determine the costs to be assigned to the units transferred out and in process.
Instructions: 1. Compute the physical flow of units 2. Compute the equivalent units of production for materials and conversion costs for the month of September 3. Compute the unit costs for materials and conversion costs for the month 4. Determine the costs to be assigned to the units transferred out and in process.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:IV. The Polishing Department of Longbine Manufacturing Company has the following production and
manufacturing cost data for September. Materials are entered at the beginning of the process.
Production: Beginning inventory 1,600 units that are 100% complete as to materials and 30% complete as
to conversion costs; units started during the period are 12,000; ending inventory of 3,000 units 10% complete as
to conversion costs.
Manufacturing costs: Beginning inventory costs, comprised of $20,000 of materials and $43,180 of
conversion costs; materials costs added in Polishing during the month, $167,680; labor and overhead applied in
Polishing department during the month, $100,080 and $277,480 respectively.
Instructions:
1. Compute the physical flow of units
2. Compute the equivalent units of production for materials and conversion costs for the month of
September
3. Compute the unit costs for materials and conversion costs for the month
4. Determine the costs to be assigned to the units transferred out and in process.
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