Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information: Units Costs Beginning work in process (22% complete) Direct materials 44,000 $ 31,000 97,000 $128,000 Conversion cost Total cost of beginning work in process 75,000 Number of units started Number of units completed and transferred to finished goods Ending work in process (53% complete) Current period costs Direct materials ? 75,000 $100,000 153,000 $253,000 Conversion cost Total current period costs Required: 1 & 2. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. Physical Units Physical Units Units Completed Beginning Units Ending Units Units Started 0 0 Total Units Total Units b. Calculate the number of equivalent units. Equivalent Units Conversion Physical Units Direct Materials Units Completed Ending Inventory Total 0

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
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Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:
Units
Costs
Beginning work in process (22% complete)
Direct materials
44,000
$ 31,000
97,000
$128,000
Conversion cost
Total cost of beginning work in process
75,000
Number of units started
Number of units completed and transferred to finished goods
Ending work in process (53% complete)
Current period costs
Direct materials
?
75,000
$100,000
153,000
$253,000
Conversion cost
Total current period costs
Required:
1 & 2. Using the weighted-average method of process costing, complete each of the following steps:
a. Reconcile the number of physical units worked on
during the period.
Physical Units
Physical Units
Units Completed
Beginning Units
Ending Units
Units Started
0
0
Total Units
Total Units
b. Calculate the number of equivalent units.
Equivalent Units
Conversion
Physical Units Direct Materials
Units Completed
Ending Inventory
Total
0
Transcribed Image Text:Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information: Units Costs Beginning work in process (22% complete) Direct materials 44,000 $ 31,000 97,000 $128,000 Conversion cost Total cost of beginning work in process 75,000 Number of units started Number of units completed and transferred to finished goods Ending work in process (53% complete) Current period costs Direct materials ? 75,000 $100,000 153,000 $253,000 Conversion cost Total current period costs Required: 1 & 2. Using the weighted-average method of process costing, complete each of the following steps: a. Reconcile the number of physical units worked on during the period. Physical Units Physical Units Units Completed Beginning Units Ending Units Units Started 0 0 Total Units Total Units b. Calculate the number of equivalent units. Equivalent Units Conversion Physical Units Direct Materials Units Completed Ending Inventory Total 0
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