1 answer

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled...

Question:

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,293,

Determine the assignment of costs to goods transferred out and in process. Costs accounted for: Transferred out 2,223,643 Wor

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,293,806 as follows. $78,800 49,000 Work in process, November 1 Materials Conversion costs Materials added Labor Overhead $127,800 1,599,280 225,800 340,926 Production records show that 34,700 units were in beginning work in process 30% complete as to conversion costs, 664,500 units were started into production, and 25,100 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process. (a) Your answer is correct. Determine the equivalent units of production and the unit production costs for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25.) Materials Conversion Costs Equivalent Units 699,200 684,140 Cost per unit 0.9
Determine the assignment of costs to goods transferred out and in process. Costs accounted for: Transferred out 2,223,643 Work in process, November 30 Materials 60,240 Conversion costs 9023 69,263 Total costs 2,292,906

Answers

Solution

Costs accounted for:
    Transferred out $      2,224,530
    Work in process, November 30
       Materials $         60,240
       Conversion costs $           9,036 $            69,276
    Total costs $      2,293,806

Working

Reconciliation of Units
A Beginning WIP                   34,700
B Introduced                 664,500
C=A+B TOTAL                 699,200
D Transferred out                 674,100
E=C-D Ending WIP                   25,100

.

Statement of Equivalent Units(Weighted average)
Material Conversion cost
Units Complete % Equivalent units Complete % Equivalent units
Transferred out                  674,100 100%                  674,100 100%                 674,100
Ending WIP                    25,100 100%                    25,100 40%                   10,040
Total                  699,200 Total                  699,200 Total                 684,140

.

Cost per Equivalent Units (Weighted average)
COST Material Conversion cost TOTAL
Beginning WIP Inventory Cost $ 78,800 $ 49,000 $ 127,800
Cost incurred during period $ 1,599,280 $ 566,726 $ 2,166,006
Total Cost to be accounted for $ 1,678,080 $ 615,726 $ 2,293,806
Total Equivalent Units                 699,200                  684,140
Cost per Equivalent Units $                   2.40 $                     0.90 $                3.30

.

Statement of cost (Weighted average)
Cost Equivalent Cost/unit Ending WIP Transferred
Units Cost Allocated Units Cost Allocated
Material $ 2.40                   25,100 $          60,240.00             674,100 $    1,617,840.00
Conversion cost $ 0.90                   10,040 $             9,036.00             674,100 $        606,690.00
TOTAL $ 2,293,806 TOTAL $ 69,276 TOTAL $ 2,224,530
.

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