Cost of Units Transferred Out and Ending Work in Process The costs per equivalen
ID: 2436574 • Letter: C
Question
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Filling Department of Eve Cosmetics Company are $0.30 and $2.35, respectively. The equivalent units to be assigned costs are as follows: Equivalent Units Direct Materials Conversion Inventory in process, beginning of period Started and completed during the period Transferred out of Filling (completed) Inventory in process, end of period Total units to be assigned costs The beginning work in process inventory had a cost of $2,130. Determine the cost of completed and transferred-out production and the ending work in process inventory. If required, round to the nearest dollar. Completed and transferred-out production Inventory in process, ending 0 48,000 48,000 5,000 53,000 3,800 48,000 51,800 2,500 54,300Explanation / Answer
Direct material
Conversion cost
Inventory in the beginning
0
3800
Started and completed during the year
48000
48000
Units transferring out of if filing deptt
48000
51800
Inventory in process at the end of the period
5000
2500
Total
53000
54300
Cost of completed units and transferred
Beginning wip
2130
Cost of direct material consumed
14400
(48000*0.30$)
Conversion cost consumed
121730
(51800*2.35$)
Total
138260
Cost of closing wip
Cost of direct material consumed
1500
(5000*$.30)
Conversion cost consumed
5875
(2500*$2.35)
Total
7375
Direct material
Conversion cost
Inventory in the beginning
0
3800
Started and completed during the year
48000
48000
Units transferring out of if filing deptt
48000
51800
Inventory in process at the end of the period
5000
2500
Total
53000
54300
Cost of completed units and transferred
Beginning wip
2130
Cost of direct material consumed
14400
(48000*0.30$)
Conversion cost consumed
121730
(51800*2.35$)
Total
138260
Cost of closing wip
Cost of direct material consumed
1500
(5000*$.30)
Conversion cost consumed
5875
(2500*$2.35)
Total
7375