The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019: Beginning inventory (700 units, 40% complete) Direct materials $17,430 Conversion costs 47,652 Current period Direct materials (5,000 units) 210,000 Direct labor 357,600 Manufacturing overhead applied 226,800 Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out. Equivalent Units Where do the units come from? Where do the units go? % Work Done? Direct Materials % Work Done? Conversion Costs Beginning Inventory Answer Complete/Transferred Answer Answer Answer Answer Answer Started Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Total Answer Answer a. Answer a. Product Cost Report Where do the costs come from? Direct Materials Conversion Costs Beginning Inventory Answer Answer Answer Current Answer Answer Answer Total Costs to Account For Answer Answer Answer ÷ Total Equivalent Units Answer Answer Average cost / Equivalent unit Answer b. Answer b. Where do the costs go? Complete / Transferred: Direct Materials Answer Conversion costs Answer Costs of Goods Manufactured Answer c. Ending Inventory: Direct Materials Answer Conversion costs Answer Cost of Ending Inventory Answer Total Costs Allocated Answer

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019:

Beginning inventory (700 units, 40% complete)
Direct materials		$17,430
Conversion costs		47,652
Current period
Direct materials (5,000 units)		210,000
Direct labor		357,600
Manufacturing overhead applied		226,800

Joyner uses the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:

a. Equivalent units for materials and conversion.

b. Cost per equivalent unit for materials and conversion.

c. Total cost assigned to the units transferred out.

	Equivalent Units
Where do the units come from?		Where do the units go?		% Work Done?	Direct Materials		% Work Done?	Conversion Costs
Beginning Inventory	Answer		Complete/Transferred	Answer		Answer	Answer		Answer	Answer
Started	Answer		Ending Inventory	Answer		Answer	Answer		Answer	Answer
Total	Answer		Total	Answer			Answer	a.		Answer	a.

Product Cost Report
Where do the costs come from?			Direct Materials		Conversion Costs
Beginning Inventory	Answer		Answer		Answer
Current	Answer		Answer		Answer
Total Costs to Account For	Answer		Answer		Answer
÷ Total Equivalent Units			Answer		Answer
Average cost / Equivalent unit			Answer	b.	Answer	b.
Where do the costs go?
Complete / Transferred:
Direct Materials		Answer
Conversion costs		Answer
Costs of Goods Manufactured		Answer	c.
Ending Inventory:
Direct Materials		Answer
Conversion costs		Answer
Cost of Ending Inventory		Answer
Total Costs Allocated		Answer

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