Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations for the month of May: The beginning inventory was 60 percent complete for materials and 20 percent complete for conversion costs. The ending inventory was 90 percent complete for materials and 40 percent complete for conversion costs.Costs pertaining to the month of May are as follows:Beginning inventory costs are: materials, $54,560; direct labor $20,320; and factory overhead, $15,240.Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160.Using the weighted average methodWhat is the equivalent unit cost of materialWhat is the equivalent unit cost of conversion costWhat is the total cost of the units in the ending work in process inventoryWhat is the amount of the completed and transferred out units UnitsBeginning work-in-process inventory, May 116,000Started in production during May100,000Completed production during May92,000Ending work-in-process inventory, May 3124,000

The equivalent units are calculated on the basis of percentage of the work completed during the…

Answered: Kimbeth Manufacturing uses a process…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Kimbeth Manufacturing uses a process cost system to manufacture Dust Density Sensors for the mining industry. The following information pertains to operations for the month of May:

The beginning inventory was 60 percent complete for materials and 20 percent complete for conversion costs. The ending inventory was 90 percent complete for materials and 40 percent complete for conversion costs.

Costs pertaining to the month of May are as follows:

Beginning inventory costs are: materials, $54,560; direct labor $20,320; and factory overhead, $15,240.
Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160.

Using the weighted average method

What is the equivalent unit cost of material
What is the equivalent unit cost of conversion cost
What is the total cost of the units in the ending work in process inventory
What is the amount of the completed and transferred out units

Units
Beginning work-in-process inventory, May 1
16,000
Started in production during May
100,000
Completed production during May
92,000
Ending work-in-process inventory, May 31
24,000

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