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8_murik_8 [283]
3 years ago
15

Production records show that there were 440 units in the beginning inventory, 30% complete, 1,440 units started, and 1,600 units

transferred out. The beginning work in process had materials cost of $2,220 and conversion costs of $1,720. The units in ending inventory were 40% complete. Materials are entered at the beginning of the painting process.a) How many units are in process at May 31?(b) What is the unit materials cost for May?(c) What is the unit conversion cost for May? (Round unit costs to 2 decimal places, e.g. 2.25.)
Work in Process�Painting

5/1 Balance 3,940 5/31 Transferred out ?

5/31 Materials 6,610

5/31 Labor 4,800

5/31 Overhead 1,300

5/31 Balance ?
Business
1 answer:
Nimfa-mama [501]3 years ago
8 0

Answer and Explanation:

The computation is shown below:

a. The number of units processed is

= Beginning work in process units + completed and started units - transferred out units

= 440 units + 1,440 units - 1,600 units

= 280 units

b. The material cost per unit is

= Total cost ÷ equivalent units

where,

Total cost is

= Opening work in process + material cost

= $2,220 + $6,610

= $8,830

And, the equivalent units is

= Units transferred out + ending work in process

= 1,600 + 280

= 1,880

So, the material cost per unit is

= $8,830 ÷ 1,880 units

= $4.70

c. The conversion cost per unit is

= Total cost ÷ equivalent units

where,

Total cost is

= Opening work in process + labor cost + overhead cost

= $1,720 + $4,800 + $1,300

= $7,820

And, the equivalent units is

= Units transferred out + ending work in process × completion percentage

= 1,600 + 280 × 40%

= 1,712

So, the material cost per unit is

= $7,820 ÷ 1,712 units

= $4.57

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Answer and Explanation:

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Total assets           $700,000                    100%

Accounts payable $75,000                      10.71%

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3 0
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Answer:

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