Question

Unit Cost and Cost Assignment, Nonuniform Inputs Loran Inc. had the following equivalent units schedule and...

Unit Cost and Cost Assignment, Nonuniform Inputs

Loran Inc. had the following equivalent units schedule and cost for its fabrication department during September:

Materials Conversion
Units completed 180,000 180,000
Add: Units in ending WIP x Fraction complete 85,000 56,100
  (85,000 x 66%)
Equivalent units of output 265,000 236,100
Costs:
  Work in process, September 1:
    Materials $147,000
    Conversion costs 7,875
      Total $154,875
   Current costs:
    Materials $1,198,000
    Conversion costs 475,665
      Total $1,673,665

Required:

1. Calculate the unit cost for materials, for conversion, and in total for the fabrication department for September. If required, round your answers to the nearest cent.

Unit materials cost $
Unit conversion cost $
Total unit cost $

2. Calculate the cost of units transferred out and the cost of EWIP. Round unit cost value to the nearest cent in intermediate calculations. If required, round final answers to the nearest dollar.

Cost transferred out $
Cost of ending work in process $

Homework Answers

Answer #1
1
Materials Conversion costs
Work in process, September 1 147000 7875
Current costs 1198000 475665
Total costs 1345000 483540
Divide by Equivalent units of output 265000 236100
Units costs 5.08 2.05
Unit materials cost 5.08
Unit conversion cost 2.05
Total unit cost 7.13
2
Cost transferred out 1283400 =180000*7.13
Cost of ending work in process 546805 =(85000*5.08)+(56100*2.05)
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