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3. Exercise 3: This exercise looks at a case where equivalent units have been computed and...

Question:

3. Exercise 3: This exercise looks at a case where equivalent units have been computed and you are to compute the cost per un
3. Exercise 3: This exercise looks at a case where equivalent units have been computed and you are to compute the cost per unit for both materials and conversion costs. The Case is as follows. Production costs chargeable to finishing Department in June of 2019 in Cables Casio Company are materials $16,000; labor costs $29,500 and overhead costs of $18,000. Equivalent units of materials are 20,000 and conversion costs are 19,000. Required: (a) Compute the unit costs for Materials and Conversion Costs (b) Compute the cost of Units Completed and transferred out of 16,000. c) Compute the cost units in Ending work in process of 4,000 units that are 20% completed.

Answers

Ans a.
Unit cost of Materials and Conversion Conversion cost  
Details Materials   Labor   Mfg OH Total Conversion
Costs incurred in June 2019 $                     16,000 $                  29,500 $                     18,000 $              47,500
Equivalent Units of Production                          20,000                  19,000
Unit cost of Materials =16000/20000= $                          0.80
Unit cost of Conversion =47500/19000= $                  2.50
Ans b. Materials Conversion Total
a Unit Cost $                          0.80 $                       2.50
b Units Completed & Transferred                          16,000                       16,000
Cost of Units Competed & Transferred =a*b= $                     12,800 $                  40,000 $                     52,800
Ans c. Materials Conversion Total
a Unit Cost $                          0.80 $                       2.50
Units in Ending WIP =4000
b Units of Materials (100%) & Conversion (20% complete)                            4,000                            800
Cost of Units in WIP =a*b= $                        3,200 $                     2,000 $                        5,200
.

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