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Homework #3 - 10 points Due: Wed/Thurs, February 12/13, 2020 Assurer Inc. uses the weighted average...

Question:

Homework #3 - 10 points Due: Wed/Thurs, February 12/13, 2020 Assurer Inc. uses the weighted average method in its process cos
Homework #3 - 10 points Due: Wed/Thurs, February 12/13, 2020 Assurer Inc. uses the weighted average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Work in process, beginning: Units in process................. Percent complete with respect to materials............. Percent complete with respect to conversion......... Costs in the beginning inventory: Materials cost............... Conversion cost..... 300 80% 70% $1,368 $8,064 Units started into production during the month. Units completed and transferred out. 11,000 11,000 Costs added to production during the month: Materials cost.......... Conversion cost............. $64,948 $412,179 Work in process, ending: Units in process... Percent complete with respect to materials. Percent complete with respect to conversion....... 300 80% 10% Required: a. Determine the equivalent units of production. b. Determine the costs per equivalent unit. c. Determine the cost of ending work in process inventory, d. Determine the cost of the units transferred to the next department.

Answers

1) Equivalent unit of material = 11000+(300*80%) = 11240

Equivalent unit of conversion = 11000+(300*10%) = 11030

2) Cost per equivalent unit of material = (1368+64948)/11240 = 5.9

Cost per equivalent unit of conversion = (8064+412179)/11030 = 38.10

3) Cost of ending WIP = (240*5.9+30*38.10) = 2559

4) Cost of unit transferred out = 44*11000 = 484000

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