The Chatham Company makes chemical compounds in a single processing department. The following information about equivalent units and actual costs for July 19-7 is available. Direct Materials Conversion Costs Equivalent Units Total Costs Equivalent Units Total Costs Work in Process, July 1* 20,000 $120,000 14,000 $140,000 Work done During July 19-7 30,000 210,000 28,000 301,000 To account for 50,000 $330,000 42,000 $441,000 Completed During July 19-7 34,000 ? 34,000 ? Work in process, July 31+ 16,000 ? 8,000 ? * Degree of completion: direct materials, 100%; conversion costs, 70%. † Degree of completion: direct materials, 100%; conversion costs, 50%. REQUIRED: Summarize total costs to account for, and assign these costs to units completed (and transferred out) and to units in ending work in process using the weighted-average method.
The Chatham Company makes chemical compounds in a single processing department. The
following information about equivalent units and actual costs for July 19-7 is available.
|
|
Direct Materials |
|
Conversion Costs |
|
|
|
Equivalent Units |
Total Costs |
Equivalent Units |
Total Costs |
|
Work in |
|
|
|
|
|
Process, July 1* |
20,000 |
$120,000 |
14,000 |
$140,000 |
|
Work done |
|
|
|
|
|
During July 19-7 |
30,000 |
210,000 |
28,000 |
301,000 |
|
To account for |
50,000 |
$330,000 |
42,000 |
$441,000 |
|
Completed |
|
|
|
|
|
During July 19-7 |
34,000 |
? |
34,000 |
? |
|
Work in process, |
|
|
|
|
|
July 31+ |
16,000 |
? |
8,000 |
? |
|
|
|
|
|
|
* Degree of completion: direct materials, 100%; conversion costs, 70%.
† Degree of completion: direct materials, 100%; conversion costs, 50%.
REQUIRED: Summarize total costs to account for, and assign these costs to units completed (and transferred out) and to units in ending work in process using the weighted-average method.
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