1 answer

UJ Lyuld Aurantium, Inc. uses a process costing system. The following operating and cost data occurred...

Question:

UJ Lyuld Aurantium, Inc. uses a process costing system. The following operating and cost data occurred during October (10 Poi
UJ Lyuld Aurantium, Inc. uses a process costing system. The following operating and cost data occurred during October (10 Points) October 1, Inventory: d e las October 31, Inventory: 30,000 units 100% complete for materials ($60,000) and 50% complete for direct labor ($7,500) and overhead ($15,000) 20,000 units 100% complete for materials and 30% complete for direct labor and overhead 40,000 units Direct materials........... Direct labor......................... Overhead.. Units started during Oct.: October production costs: $110,100 28,900 57,800 Materials are added at the beginning of the process. Direct labor and overhead are incurred evenly throughout e process. Prepare the October process cost summary using weighted average method of inventory costing.

Answers

Solution:

Computation of Equivalent unit of Production
Particulars Physical Units Material Conversion
Units to account for:
Beginning WIP 30000
Started into Production 40000
Total units to account for 70000
Units accounted for:
Unit completed & Transferred out 50000 50000 50000
Units in ending inventory: 20000
Material (100%) 20000
Conversion (30%) 6000
Equivalent units of production 70000 70000 56000
Computation of Cost per equivalent unit
Particulars Material Conversion Total
Opening WIP $60,000 $22,500 $82,500
Cost Added during Period $110,100 $86,700 $196,800
Total cost to be accounted for $170,100 $109,200 $279,300
Equivalent units of production 70000 56000
Cost per Equivalent unit $2.43 $1.95
Computation of Cost of ending WIP and units completed & transferred out
Particulars Material Conversion Total
Equivalent unit of Ending WIP 20000 6000
Cost per equivalent unit $2.43 $1.95
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) $48,600 $11,700 $60,300
Units completed and transferred 50000 50000
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) $121,500 $97,500 $219,000
Cost reconciliation
Particulars Amount
Costs to be accounted for:
Cost of beginning WIP inventory $82,500.00
Cost added to production $196,800.00
Total Costs to be accounted for $279,300.00
Costs accounted for as follows:
Cost of unit transferred out $219,000
Ending WIP:
Material $48,600
Converison $11,700
Total Ending WIP $60,300
Total costs accounted for $279,300
.

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