Question

The Painting Department of Y Manufacturing Company has the following production and manufacturing cost data for...

The Painting Department of Y Manufacturing Company has the following production and manufacturing cost data for October.

Production: Beginning inventory 8,000 units that are 100% complete as to materials and 40% complete as to conversion costs; units started into production 27,000; ending inventory of 12,000 units that are 20% complete as to conversion costs.

Manufacturing Costs: Beginning work in process inventory of $40,000, comprised of $30,000 of materials and $10,000 of conversion costs. Materials added during the month, $110,000; labor and overhead applied during the month, $62,000 and $55,000, respectively.

Instructions

1.

Compute the equivalent units of production for materials and conversion costs for the month of October.

Physical units

Materials

Conversion cost

Transferred out

27,000

12,000

Work in process (October 31st)

Total

2.

Compute the unit costs for materials and conversion costs.

Total

Per unit

Materials

Conversion cost

Total

3.

Determine the costs to be assigned to the units transferred out and ending work in process.

Cost to be accounted for

Total

Transferred out

Work in process

Materials

Conversion cost

Homework Answers

Answer #1

1.Compute the equivalent units of production for materials and conversion costs for the month of October.

Whole unit Material Conversion cost
Transferred out 23000 23000 23000
Ending work in process 12000 12000 2400
Total 35000 35000 25400

2.Compute the unit costs for materials and conversion costs.

Total Per unit
Materials 140000 4
Conversion cost 127000 5
Total 267000 9

3. Determine the costs to be assigned to the units transferred out and ending work in process.

Cost to be accounted for Total
Transferred out (23000*9) 207000
Work in process
Materials (12000*4) 48000
Conversion cost (2400*5) 12000 60000
Total Cost to be accounted for 267000
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