1. Equivalent Units or Material is calculated by 500,000 units Transferred Next Department plus......Units of Ending Work in Process times 80% complete with respect to the material. 2. Equivalent Units for Direct Labor is calculated by 500,000 units Transferred to Next Department plus ...... Units of Ending work in Process multiply by 50% complete with respect to the direct labor.3. Cost per Equivalent Unit for Direct Material is calculated by dividing $......... by 580,000 DM Equivalent Units. Review the preliminary data, then scroll down and click in the boxed areas. A pick list will launch. Clickon the pick list icon to reveal a drop-down menu of choices. Select the correct choices to complete the"calculations of cost per equivalent unit." Correct selections will turn the boxed areas green.The following assumptions should be used in completing this lab:(1) Weighted-average method.(2) Ending work in process was 80% complete with respect to material.(3) Ending work in process was 50% complete with respect to conversion.(4) The "unit reconciliation" has been correctly prepared.(5) Total costs are as indicated.UNIT RECONCILIATION:Beginning Work in ProcessStarted into ProductionTotal Units into ProductionTransferred to Next DepartmentEnding Work in ProcessTotal Units ReconciledCost Per Equivalent Unit:Beginning Work in ProcessStarted into ProductionTotal CostEquivalent UnitsCost Per Equivalent Unit:Quantity Schedule200,000400,000600,000500,000100,000600,000Total Cost748,0001,600,0002,348,000Direct Materials500,00080,000580,000375,000785,0001,160,000Equivalent Units Calculations:580,0002Direct Labor500,000Direct Materials Direct Labor50,000550,000300,000690,000990,000Conversion550,0001.8Factory Overhead500,00050,000550,000ConversionFactory Overhead73,000125,000198,000550,0000.36

Under weighted average method of equivalent units of production, units transferred to next…

Answered: The following assumptions should be…

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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1. Equivalent Units or Material is calculated by 500,000 units Transferred Next Department plus......Units of Ending Work in Process times 80% complete with respect to the material.

2. Equivalent Units for Direct Labor is calculated by 500,000 units Transferred to Next Department plus ...... Units of Ending work in Process multiply by 50% complete with respect to the direct labor.

3. Cost per Equivalent Unit for Direct Material is calculated by dividing $......... by 580,000 DM Equivalent Units.

Review the preliminary data, then scroll down and click in the boxed areas. A pick list will launch. Click
on the pick list icon to reveal a drop-down menu of choices. Select the correct choices to complete the
"calculations of cost per equivalent unit." Correct selections will turn the boxed areas green.
The following assumptions should be used in completing this lab:
(1) Weighted-average method.
(2) Ending work in process was 80% complete with respect to material.
(3) Ending work in process was 50% complete with respect to conversion.
(4) The "unit reconciliation" has been correctly prepared.
(5) Total costs are as indicated.
UNIT RECONCILIATION:
Beginning Work in Process
Started into Production
Total Units into Production
Transferred to Next Department
Ending Work in Process
Total Units Reconciled
Cost Per Equivalent Unit:
Beginning Work in Process
Started into Production
Total Cost
Equivalent Units
Cost Per Equivalent Unit:
Quantity Schedule
200,000
400,000
600,000
500,000
100,000
600,000
Total Cost
748,000
1,600,000
2,348,000
Direct Materials
500,000
80,000
580,000
375,000
785,000
1,160,000
Equivalent Units Calculations:
580,000
2
Direct Labor
500,000
Direct Materials Direct Labor
50,000
550,000
300,000
690,000
990,000
Conversion
550,000
1.8
Factory Overhead
500,000
50,000
550,000
Conversion
Factory Overhead
73,000
125,000
198,000
550,000
0.36

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