Question

Sheridan Company has gathered the following information. Units in beginning work in process 20,900 Units started...

Sheridan Company has gathered the following information.

Units in beginning work in process 20,900
Units started into production 249,100
Units in ending work in process 26,100
Percent complete in ending work in process:
    Conversion costs 60 %
    Materials 100 %
Costs incurred:
    Direct materials $108,000
    Direct labor $580,202
    Overhead $185,500

Compute equivalent units of production for materials and for conversion costs.

Materials

Conversion Costs

The equivalent units of production

  

Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.)

Materials

Conversion Costs

Unit costs

$

$

  

Show the assignment of costs to units transferred out and in process.

Transferred out

$

Ending work in process

$

Homework Answers

Answer #1

1) Unit transferred out = 20900+249100-26100 = 243900

Compute equivalent units of production for materials and for conversion costs.

Materials

Conversion Costs

The equivalent units of production 243900+26100 = 270000 243900+(26100*60%) = 259560

  

Determine the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.)

Materials

Conversion Costs

Unit costs

$108000/270000 = 0.40

765702/259560 = 2.95

  

Show the assignment of costs to units transferred out and in process.

Transferred out

$3.35*243900 = 817065

Ending work in process

26100*.40+15660*2.95 = 56637

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