Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,200 units that are 100 percent complete for materials and 30 percent complete for conversion. 15,500 units started during the period. • Ending inventory of 3,700 units that are 13 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,000 ($9,700 materials and $10,300 conversion costs). Costs added during the month were $28,600 for materials and $56,600 for conversion ($26,700 labor and $29,900 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and Equivalent Units Physical Units Direct Conversion Materials Units Completed Ending Inventory Total 15,000 37,000 52,000 2. Calculate the cost per equivalent unit for materials and conversion for March. (Round your answers to 5 decimal places.) Direct Conversion Materials Cost per Equivalent Unit 3. Determine the costs to be assigned to the units transferred out and the units still in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and your final answers to the nearest whole dollar amount.) Total Cost Direct Conversion Materials Units Completed Ending Inventory Total Cost Accounted for
Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units • Beginning inventory of 3,200 units that are 100 percent complete for materials and 30 percent complete for conversion. 15,500 units started during the period. • Ending inventory of 3,700 units that are 13 percent complete for conversion. Manufacturing Costs • Beginning inventory was $20,000 ($9,700 materials and $10,300 conversion costs). Costs added during the month were $28,600 for materials and $56,600 for conversion ($26,700 labor and $29,900 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and Equivalent Units Physical Units Direct Conversion Materials Units Completed Ending Inventory Total 15,000 37,000 52,000 2. Calculate the cost per equivalent unit for materials and conversion for March. (Round your answers to 5 decimal places.) Direct Conversion Materials Cost per Equivalent Unit 3. Determine the costs to be assigned to the units transferred out and the units still in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and your final answers to the nearest whole dollar amount.) Total Cost Direct Conversion Materials Units Completed Ending Inventory Total Cost Accounted for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process.
Units
• Beginning inventory of 3,200 units that are 100 percent complete for materials and 30 percent complete for conversion.
15,500 units started during the period.
• Ending inventory of 3,700 units that are 13 percent complete for conversion.
Manufacturing Costs
• Beginning inventory was $20,000 ($9,700 materials and $10,300 conversion costs).
Costs added during the month were $28,600 for materials and $56,600 for conversion ($26,700 labor and $29,900 applied overhead).
Assume the company uses Weighted-Average Method.
Required:
1. Calculate the number of equivalent units of production for materials and
Equivalent Units
Physical
Units
Direct
Conversion
Materials
Units Completed
Ending Inventory
Total
15,000
37,000
52,000
2. Calculate the cost per equivalent unit for materials and conversion for March. (Round your answers to 5 decimal places.)
Direct
Conversion
Materials
Cost per
Equivalent Unit
3. Determine the costs to be assigned to the units transferred out and the units still in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and your final answers to the nearest whole dollar amount.)
Total
Cost
Direct
Conversion
Materials
Units Completed
Ending Inventory
Total Cost
Accounted for
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