Question

A company uses a process cost system for its manufacturing cost. Quantity Degree of completion Direct...

A company uses a process cost system for its manufacturing cost.

Quantity

Degree of completion

Direct Materials

Direct labor

Overhead cost

Total

Work in process, beginning

3.500

90%

3.500

Started during current period

17.500

Completed during the period

16.750

Work in process, ending

4.250

60%

The cost of the period

12.700

9.500

4.050

26.250

The cost of work in process in the beginning of the period consists of raw materials cost (1.275) and direct labor/overhead cost (2.225).

A) Calculate the equivalent units of work for the production

B) Calculate the unit price for the production

C) Calculate the value of the units that were completed during the period

D) Calculate the value of the units that are still in process at the end of the period

Business   Accounting   
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Answer #1
Equivalent Units of Production
Units % Completed during current period Equivalent Units
WIP Beginning 3,500 10% 350
Started during current period 17,500
Completed during current period 16,750
WIP Ending 4,250 60% 2,550
Started & Completed during current period 13,250 100% 13,250
Total 16,150
Cost of the Period 26,250
Unit Price for Production 1.63
Value of Units Completed during the period 27,225 16750 * 1.63
Value of WIP Ending 4,145 2550 * 1.63
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