Question

- SMITH HAS THE FOLLOWING PROCESS COSTING DATA FOR WIP DEPT # 2: BEGINNING UNITS 17,000...

- SMITH HAS THE FOLLOWING PROCESS COSTING DATA FOR WIP DEPT # 2:

BEGINNING UNITS 17,000

UNITS STARTED 90,000

ENDING UNITS 19,000

CONVERSION COSTS ARE 55 PERCENT COMPLETE WITH REGARDS TO ENDING WIP. WHAT ARE CONVERSION COSTS EQUIVILENT UNITS?

CC EU_________

- ASSUME CONVERSION COSTS INFORMATION IS AS FOLLOWS:

BEGINNING COST = $43,500

CURRENT COST = $192,780

WHAT ARE CONVERSION COSTS ALLOCATED TO UNITS IN ENDING WIP? (ASSUME WEIGHTED AVG METHOD)

$CC ALLOCATED TO ENDING WIP_________

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Answer #1

Answer 1

98,450 units

Calculations:

Particulars Output Conversion cost
% Units
Started and completed     88,000 100%     88,000
Ending Inventory     19,000 55%     10,450
Total 107,000     98,450
Costs:
Opening $             43,500
Current period $          192,780
Total $          236,280
Cost per unit $                 2.40

Answer 2

Conversion cost allocated to ending inventory = 10,450 * $ 2.40 = $ 25,080

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