Question

Production information shows the following costs and units for the smoothing department in August. Cost Units...

Production information shows the following costs and units for the smoothing department in August.

Cost Units
Work in process
Beginning balance: materials $1,450 Beginning units 630
Beginning balance: conversion 2,700 Transferred in 1,770
Materials 7,190 Transferred out 1,780
Labor 14,500
Overhead 7,552

All materials are added at the beginning of the period. The ending work in process is 20% complete as to conversion. What is the value of the inventory transferred to finished goods and the value of the WIP inventory at the end of the month?

Transferred out $
Ending inventory $
Business   Accounting   
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Homework Answers

Answer #1

Ending work in process inventory=beginning work in process+transferred in -transferred out

=630+1770-1780

= 620 units

Calculation of equivalent units of production :

Material conversion
Transferred out 1780 1780
Ending work in process 620 620*20%=124
Equivalent units of production 2400 1904

Calculation of cost per equivalent unit

Material conversion
Beginning work in process 1450 2700
Current period cost 7190 14500+7552=22052
Total cost to account for 8640 24752
Equivalent unit of production 2400 1904
Cost per equivalent Unit 8640/2400=$3.6 24752/1904=$13
Material conversion Total
Cost of units completed transferred out 1780*3.6=6408 1780*13=23140 29548
Cost of ending work in process 620*3.6=2232 124*13=1612 3844
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