Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining industry. The following information pertains to operations for the month of May. Units Beginning work‐in‐process inventory, May 1 16,000 Started in production during May 100,000 Completed production during May 92,000 Ending work‐in‐process inventory, May 31 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for
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Question:
Kimbeth Manufacturing uses a process cost system to manufacture dust density sensors for the mining industry. The following information pertains to operations for the month of May. Units Beginning work‐in‐process inventory, May 1 16,000 Started in production during May 100,000 Completed production during May 92,000 Ending work‐in‐process inventory, May 31 24,000 The beginning inventory was 60% complete for materials and 20% complete for conversion costs. The ending inventory was 90% complete for materials and 40% complete for conversion costs. Costs pertaining to the month of May are: Beginning inventory costs are: materials, $54,560; direct labor, $20,320; and factory overhead, $15,240. Costs incurred during May are: materials used, $468,000; direct labor, $182,880; and factory overhead, $391,160. Using the weighted‐average method, the equivalent unit conversion cost for May is:
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Answer:$6 per unitExplanation:using the weighted average method:units completed 92,000 x 100% (both materials and conversion) ending work in progress 24,000 materials 90% completed = 21,600conversion 40% completed = 9,600equivalent unit conversion costs = total conversion costs / total equivalent units of conversion total conversion costs = $20,320 + $15,240 + $$182,880 + $391,160 = $609,600total equivalent units of conversion = 92,000 + 9,600 = 101,600equivalent unit conversion costs = $609,600 / 101,600 units = $6 per unit
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