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Summarize total costs to account For, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. THE DATA -

Summarize total costs to account For, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. THE DATA -

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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Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. THE DATA - Data table Beginning work in process (May 1) Started in May 2020 Completed during May 2020 Physical Units Direct Conversion Materials Costs $493,360 $91,040 (Watches) 80 500 460 120 Ending work in process (May 31) Total costs added during May 2020 *Degree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 60%; conversion costs, 30%. $3,220,000 $1,392,000
Transcribed Image Text:Summarize total costs to account for, calculate cost per equivalent unit for direct materials and conversion costs, and assign costs to units completed (and transferred out) and to units in ending work-in-process inventory. THE DATA - Data table Beginning work in process (May 1) Started in May 2020 Completed during May 2020 Physical Units Direct Conversion Materials Costs $493,360 $91,040 (Watches) 80 500 460 120 Ending work in process (May 31) Total costs added during May 2020 *Degree of completion: direct materials, 80%; conversion costs, 35%. Degree of completion: direct materials, 60%; conversion costs, 30%. $3,220,000 $1,392,000
Begin by summarizing total costs to account for. Work in process, beginning Costs added in current period Total costs to account for Total Production Costs Completed and transferred out Work in process, ending Total costs accounted for 450.000 $ Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Materials Conversion Costs $ Direct Materials Production Costs Costs incurred to date Divide by equivalent units of work done to date Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending work-in-process inventory. Total $ Direct Materials Conversion Costs -U, UL Conversion Costs $
Transcribed Image Text:Begin by summarizing total costs to account for. Work in process, beginning Costs added in current period Total costs to account for Total Production Costs Completed and transferred out Work in process, ending Total costs accounted for 450.000 $ Next, calculate cost per equivalent unit for direct materials and conversion costs. Direct Materials Conversion Costs $ Direct Materials Production Costs Costs incurred to date Divide by equivalent units of work done to date Cost per equivalent unit Finally, assign total costs to units completed (and transferred out) and to units in ending work-in-process inventory. Total $ Direct Materials Conversion Costs -U, UL Conversion Costs $
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