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Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting The Work in Process Inventory T-account for the Bending department is shown below. The 3,600 units in beginning work in process inventory had direct materials costs of $4,000 and conversion costs of $3,200. Also shown is unit data for the Bending department this period. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning balance Direct materials Direct labor Overhead Ending balance Units 7,200 15,600 e 22,200 3,600 7,600 8,600 2,600 Work in Process Inventory-Bending (5) Debit Credit 7 Transferred out Direct Materials Percent Complete 100% 100% Conversion Percent Complete 25% 60% a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production for both direct materials and conversion c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory

Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting The Work in Process Inventory T-account for the Bending department is shown below. The 3,600 units in beginning work in process inventory had direct materials costs of $4,000 and conversion costs of $3,200. Also shown is unit data for the Bending department this period. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning balance Direct materials Direct labor Overhead Ending balance Units 7,200 15,600 e 22,200 3,600 7,600 8,600 2,600 Work in Process Inventory-Bending (5) Debit Credit 7 Transferred out Direct Materials Percent Complete 100% 100% Conversion Percent Complete 25% 60% a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production for both direct materials and conversion c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory

FINANCIAL ACCOUNTING
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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Required A Required B Compute equivalent units of production for both direct materials and conversion. Equivalent units of production: Weighted average Direct Materials Completed and transferred out Ending work in process Required A Required B Required C Required C Total costs +Equivalent units of production Cost per equivalent unit of production Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Cost per equivalent unit of production: Weighted average Total costs accounted for Units 8,600 2,600 EUP Percent Complete 100% 100% Compute cost per equivalent unit of production for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Conversion Cost per EUP EUP 8,600 2,600 11.200 Required A Required B Required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average Total cost $ Conversion Percent Complete 0 100% 60% EUP 4 8,600 1,560 10,160
Transcribed Image Text:Required A Required B Compute equivalent units of production for both direct materials and conversion. Equivalent units of production: Weighted average Direct Materials Completed and transferred out Ending work in process Required A Required B Required C Required C Total costs +Equivalent units of production Cost per equivalent unit of production Completed and transferred out Direct materials Conversion Ending work in process Direct materials Conversion Cost per equivalent unit of production: Weighted average Total costs accounted for Units 8,600 2,600 EUP Percent Complete 100% 100% Compute cost per equivalent unit of production for both direct materials and conversion. (Round "Cost per EUP" to 2 decimal places.) Direct Materials Conversion Cost per EUP EUP 8,600 2,600 11.200 Required A Required B Required C Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory. (Round "Cost per EUP" to 2 decimal places.) Cost assignment-Weighted average Total cost $ Conversion Percent Complete 0 100% 60% EUP 4 8,600 1,560 10,160
Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting The Work in Process Inventory T-account for the Bending department is shown below. The 3,600 units in beginning work in process inventory had direct materials costs of $4,000 and conversion costs of $3,200. Also shown is unit data for the Bending department this period. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning balance Direct materials Direct labor Overhead Ending balance Units 7,200 15,600 0 22,200 3,600 7,600 8,600 2,600 Work in Process Inventory-Bending (5) Debit Credit ? Transferred out Direct Materials Percent Complete 100% 100% Conversion Percent Complete 25% 60% a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production for both direct materials and conversion c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory.
Transcribed Image Text:Midway Metal, which uses the weighted average method, produces wire baskets in two departments, Bending and Painting The Work in Process Inventory T-account for the Bending department is shown below. The 3,600 units in beginning work in process inventory had direct materials costs of $4,000 and conversion costs of $3,200. Also shown is unit data for the Bending department this period. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Beginning balance Direct materials Direct labor Overhead Ending balance Units 7,200 15,600 0 22,200 3,600 7,600 8,600 2,600 Work in Process Inventory-Bending (5) Debit Credit ? Transferred out Direct Materials Percent Complete 100% 100% Conversion Percent Complete 25% 60% a. Compute equivalent units of production for both direct materials and conversion. b. Compute cost per equivalent unit of production for both direct materials and conversion c. Assign costs to the department's output-specifically, to the units transferred out and to the units in ending work in process inventory.
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