EXERCISE 2ACG2071-SPRING 2023CHAPTER 12 HOMEWORKLegacy Company manufactures umbrellas and has the following information available for the month of364,500+103,00081500+189,500=Work in process, May 1(100% complete for materials, 90% for conversion)Direct materialsConversion costNumber of units startedMay costsDirect materialsConversion cost36,000 unitsWork in process, May 31(100% complete for materials, 20% for conversion)4. Reconcile the total cost of work in process.1CC$ 64,500$ 87,50090,500 units$103,000$189,500Required:Using the weighted-average method of process costing, complete each of the following steps:1. Reconcile the number of physical units worked on during the period.2. Calculate the number of equivalent units. Units compled + end W/P =3. Calculate the cost per equivalent unit rounded to five decimal places.33,500 units

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Description: EXERCISE 2ACG2071-SPRING 2023CHAPTER 12 HOMEWORKLegacy Company manufactures umbrellas and has the following information available for the month of364,500+103,00081500+189,500=Work in process, May 1(100% complete for materials, 90% for conversion)Dir

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Legacy Company manufactures umbrellas and has the following information available for the mon +103,000 +189,500= Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs Direct materials Conversion cost 36,000 units Work in process, May 31 (100% complete for materials, 20% for conversion) $ 64,500 $ 87,500 90,500 units $103,000 $189,500 33,500 units Required: Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. Units 3. Calculate the cost per equivalent unit rounded to five decimal places. compled + end w/P

Legacy Company manufactures umbrellas and has the following information available for the mon +103,000 +189,500= Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs Direct materials Conversion cost 36,000 units Work in process, May 31 (100% complete for materials, 20% for conversion) $ 64,500 $ 87,500 90,500 units $103,000 $189,500 33,500 units Required: Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. Units 3. Calculate the cost per equivalent unit rounded to five decimal places. compled + end w/P

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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Legacy Company manufactures umbrellas and has the following information available for the month of May. Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs Direct materials Conversion cost Work in process, May 31 (100% complete for materials, 20% for conversion) 35,500 units $ 64,000 $ 87,000 90,000 units $ 102,500 $ 189,000 33,000 units E3-11 (Algo) Weighted-Average Method [LO 3-2] Required: Using the weighted-average method of process costing, complete each of the following steps: 1. Reconcile the number of physical units worked on during the period. 2. Calculate the number of equivalent units. 3. Calculate the cost per equivalent unit. 4. Reconcile the total cost of work in process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Using the weighted-average method of process costing, reconcile the number of physical units worked on…