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Mamont248 [21]
2 years ago
10

Crazy Delicious Inc. produces chocolate bars. The primary materials used in producing chocolate bars are cocoa, sugar, and milk.

The standard costs for a batch of chocolate (5,000 bars) are as follows: Ingredient Quantity Price Cocoa 500 lbs. $1.40 per lb. Sugar 100 lbs. $0.50 per lb. Milk 250 gal. $1.60 per gal.Required:Determine the standard direct materials cost per bar of chocolate.
Business
1 answer:
melisa1 [442]2 years ago
7 0

Answer:

Unitary cost= $0.23 per unit

Explanation:

Giving the following information:

Standard costs (5,000 bars):

Cocoa 500 lbs. $1.40 per lb.

Sugar 100 lbs. $0.50 per lb.

Milk 250 gal. $1.60 per gal.

<u>First, we need to calculate the total cost:</u>

Total cost= 500*1.4 + 100*0.5 + 250*1.6

Total cost= $1,150

<u>Now, the unitary cost:</u>

Unitary cost= 1,150/5,000

Unitary cost= $0.23 per unit

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Exercise 5-8 Equivalent Units; Cost per Equivalent Unit; Assigning Costs to Units-Weighted-Average Method [LO5-2, LO5-3, LO5-4]
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Answer:

1. Calculate the first production department's equivalent units of production for materials and conversion for May.

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  • conversion = 275,000 + 12,500 = 287,500

2. Compute the first production department's cost per equivalent unit for materials and conversion for May.

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  • conversion = $253,000 / 287,500 = $0.88

3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May.

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  • conversion = 12,500 x $0.88 = $11,000
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4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May.

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  • conversion = 275,000 x $0.88 = $242,000
  • total = $385,000

Explanation:

Beginning WIP 70,000 units

materials $56,100

conversion $16,400

Ending WIP 50,000 units

100% completed for materials (50,000 EU)

25% completed for conversion (12,500 EU)

units started 255,000

total units transferred out 275,000

materials cost added during the period = $112,900

conversion cost added during the period = $236,600

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