The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 7,200 units, 2/5 completed 16,848 31 Direct materials, 129,600 units 259,200 276,048 31 Direct labor 75,270 351,318 31 Factory overhead 42,342 393,660 31 Goods finished, 131,400 units 380,916 12,744 31 Bal., ? units, 2/5 completed 12,744 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December $4 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

The following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Dec. 1 Bal., 7,200 units, 2/5 completed 16,848 31 Direct materials, 129,600 units 259,200 276,048 31 Direct labor 75,270 351,318 31 Factory overhead 42,342 393,660 31 Goods finished, 131,400 units 380,916 12,744 31 Bal., ? units, 2/5 completed 12,744 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. 1. Direct materials cost per equivalent unit 2. Conversion cost per equivalent unit 3. Cost of the beginning work in process completed during December $4 4. Cost of units started and completed during December 5. Cost of the ending work in process b. Assuming that the direct materials cost is the same for November and December, did the conversion cost per equivalent unit increase, decrease, or remain the same in December?

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Description: Costs per Equivalent UnitThe following information concerns production in the Baking Department for December. All direct materials are placed in process at the beginning of production.ACCOUNT Work in Process-Baking DepartmentACCOUNT NO.BalanceDateIt

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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Equivalent Units of Production The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process-Baking Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit March 1 Bal., 8,400 units, 3/5 completed 26,880 31 Direct materials, 151,200 units 241,920 268,800 31 Direct labor 68.110 336,910 31 Factory overhead 38,318 375,228 31 Goods finished, 153,300 units 362,502 12,726 31 Bal. ? units, 3/5 completed 12,726 a. Determine the number of units in work in process inventory at March 31. units b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount box does not require an entry, leave it blank. Baking Department Equivalent Units of Production for Direct Materials and Conversion Costs Costs For March Direct Materials Conversion Equivalent Equivalent Whole Units Units Units Inventory in process, March 1 Started and…
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