Vernon Company had 250 units of product in its work in process inventory at the beginning of the period and started 2,100 additional units during the period. At the end of the period, 790 units were in work in process inventory. The ending work in process inventory was estimated to be 60 percent complete. The cost of work in process inventory at the beginning of the period was $6,280, and $25,044 of product costs was added during the period. Required a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. Complete this question by entering your answers in the tabs below. Req A and B Req C a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. Note: Round "Cost per equivalent unit" answer to 2 decimal places. La Equivalent units

Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter7: Variable Costing For Management analysis
Section: Chapter Questions
Problem 1E: At the end of the first year of operations, 21,500 units remained in the finished goods inventory....
icon
Related questions
Question
Vernon Company had 250 units of product in its work-in-process inventory at the beginning of the period and started 2,100 additional units during the period. At the end of the period, 790 units were in work-in-process inventory. The ending work-in-process inventory was estimated to be 60 percent complete. The cost of work-in-process inventory at the beginning of the period was $6,280, and $25,044 of product costs was added during the period.

**Required**

a. Calculate the number of equivalent units of production.  
b. Calculate the product cost per equivalent unit.  
c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts.  

Complete this question by entering your answers in the tabs below.

- **Req A and B**
- **Req C**

**Instructions for Req A and B:**

a. Calculate the number of equivalent units of production.  
b. Calculate the product cost per equivalent unit.  
*Note: Round "Cost per equivalent unit" answer to 2 decimal places.*

- **a. Equivalent units** [Input Box]
- **b. Cost per equivalent unit** [Input Box]
Transcribed Image Text:Vernon Company had 250 units of product in its work-in-process inventory at the beginning of the period and started 2,100 additional units during the period. At the end of the period, 790 units were in work-in-process inventory. The ending work-in-process inventory was estimated to be 60 percent complete. The cost of work-in-process inventory at the beginning of the period was $6,280, and $25,044 of product costs was added during the period. **Required** a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. c. Calculate the total cost allocated between the ending Work in Process Inventory and Finished Goods Inventory accounts. Complete this question by entering your answers in the tabs below. - **Req A and B** - **Req C** **Instructions for Req A and B:** a. Calculate the number of equivalent units of production. b. Calculate the product cost per equivalent unit. *Note: Round "Cost per equivalent unit" answer to 2 decimal places.* - **a. Equivalent units** [Input Box] - **b. Cost per equivalent unit** [Input Box]
Expert Solution
steps

Step by step

Solved in 5 steps with 4 images

Blurred answer
Knowledge Booster
Cost Sheet
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
  • SEE MORE QUESTIONS
Recommended textbooks for you
Managerial Accounting
Managerial Accounting
Accounting
ISBN:
9781337912020
Author:
Carl Warren, Ph.d. Cma William B. Tayler
Publisher:
South-Western College Pub
Principles of Accounting Volume 2
Principles of Accounting Volume 2
Accounting
ISBN:
9781947172609
Author:
OpenStax
Publisher:
OpenStax College
Principles of Cost Accounting
Principles of Cost Accounting
Accounting
ISBN:
9781305087408
Author:
Edward J. Vanderbeck, Maria R. Mitchell
Publisher:
Cengage Learning
College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
Accounting
ISBN:
9781337794756
Author:
HEINTZ, James A.
Publisher:
Cengage Learning,
Cornerstones of Cost Management (Cornerstones Ser…
Cornerstones of Cost Management (Cornerstones Ser…
Accounting
ISBN:
9781305970663
Author:
Don R. Hansen, Maryanne M. Mowen
Publisher:
Cengage Learning
Financial And Managerial Accounting
Financial And Managerial Accounting
Accounting
ISBN:
9781337902663
Author:
WARREN, Carl S.
Publisher:
Cengage Learning,