Costs of ending WIP EUP Cost per EUP Total Cost Direct materials _____ $ ______
ID: 2417397 • Letter: C
Question
Costs of ending WIP EUP Cost per EUP Total Cost
Direct materials _____ $ ______ ______
Conversion ______ $ _______ _______
Total cost of ending WIP
Total costs accounted for
Tamar Co. manufactures a single product in one department. All direct materials are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transferred 25,200 units of product to finished goods inventory. Its 3,600 units of beginning work in process consisted of $20,400 of direct materials and $248,940 of conversion costs. It has 2,700 units (100% complete with respect to direct materials and 80% complete with respect to conversion) in process at month-end. During the month, $677,100 of direct material costs and $2,350,260 of conversion costs were charged to production.
1. Prepare the company's process cost summary for May usig the weighted- average method. (Charts before question)
2~
Prepare the journal entry dated May 31 to transfer the cost of completed units to finished goods inventory. (Do not round intermediate calculations. Round your final answer to the nearest whole dollar.)
Journal Entry Worksheet
Equivalent units of production (EUP) weighted average method Units % Materials EUP – Materials % Conversion EUP Conversion (Beg. goods in process inventory - units / total units accounted for / total units to accounted for / units completed & transferred out / units started this period) - Select 1 (Beg. goods in process inventory - units / total units accounted for / total units to accounted for / units completed & transferred out / units started this period) - Select 1 Total units Cost per equivalent unit of production Materials Conversion (Costs transferred out / costs incurred this period / costs of ending work in process / cost of beg. work in process) - Select 1 (Costs transferred out / costs incurred this period / costs of ending work in process / cost of beg. work in process) - Select 1 Total costs Costs Costs Divide Equivalent units production EUP EUP Cost per equivalent unit of production Materials Conversion Total costs Costs Costs Divide Equivalent units of Production EUP EUP Cost per equivalent unit of production Total costs accounted for: Cos of units transferred out: EUP Cost per EUP Total cost Direct materials Conversion Total costs transferred outExplanation / Answer
1.Equivalent units
2.Equivalent cost per unit
3. Cost of transferred goods(25,200)
4.
Closing Inventory cost
input particular output % Material complete Equivalent units-material % conversion cost Equivalent units-conversion 3,600 opening 24,300 current 25,200 100% 25,200 100% 25,200 closing 2,700 100% 2,700 80% 2,160 27,900 27,900 27,900 27,360