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2 views1 page

AM50

Uploaded by

Venu
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PROBLEM 4-31 (50 MINUTES)

The missing amounts are shown below. A completed production report follows.
Work in process, October 1 (in units).................................................................. 10,000
Units completed and transferred out during October......................................... 75,000
Total equivalent units: conversion....................................................................... 78,500
Work in process, October 1: conversion............................................................. % 30,225
Costs incurred during October: direct material.................................................. 600,000
Cost per equivalent unit: conversion................................................................... 11.85
Cost of goods completed and transferred out during October.......................... 1,556,250
Cost remaining in ending work-in-process inventory: direct material.............. 44,500
PRODUCTION REPORT: FANTASIA FLOUR MILLING COMPANY
Weighted-Average Method
Percentage
of
Completion
with Equivalent Units
Physical Respect to Direct
Units Conversion Material Conversion
Work in process, October 1.......... 10,000 15%
Units started during October........ 70,000
Total units to account for.............. 80,000
Units completed and transferred
out during October.............. 75,000 100% 75,000 75,000
Work in process, October 31........ 5,000 70% 5,000 3,500
Total units accounted for.............. 80,000 _____ _____
Total equivalent units.................... 80,000 78,500
4-32 Solutions Manual
PROBLEM 4-31 (CONTINUED)
Direct
Material Conversion Total
Work in process, October 1.......... %112,000 % 30,225 % 142,225
Costs incurred during October..... 600,000 900,000 1,500,000
Total costs to account for............. %712,000 %930,225 %1,642,225
Equivalent units............................. 80,000 78,500
Costs per equivalent unit.............. %8.90* %11.85† %20.75**
*%8.90 = %712,000 ÷ 80,000
†%11.85 = %930,225 ÷ 78,500
**%20.75 = %8.90 + %11.85

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