Problem 16-3A Weighted Average: Process cost summary, equivalent units LO C2, C3
ID: 2438400 • Letter: P
Question
Problem 16-3A Weighted Average: Process cost summary, equivalent units LO C2, C3, P4 Fast Co. produces its preduet through a single processing department Drect materials are added at he start of production, and conversion costs are added evenly trougheut he process. The compary USDS monty mortng penods for ts wegteseverage process costing rystern The wr…roes accourt has a balance of $38,300 as of October 1, which consisted of $21,300 of direct materials and 77,000 of conversion conts During the month the company incurred the foliowing costs 186,400 1,002,400 October, the company started 154,000 units and translemed 164,000 unts to fnished goods At the ot 25.000 units rat were 80% complete wth respect to conversion coats 1. Prepare the company's process cost summary for October using the weignted-average method. Round "Cost per EUP to 2 decimal places Tota costs to account for Total costs accounted for Units to account for Total units to account for Total units accounted for: Total units accounted for lent units of prod Units %Materials EUP. Materials %Conversion Total unitsExplanation / Answer
total costs to account for: Beginning work in process 98,300 cost added during the year 1188800 total costs to account for: 1,287,100 total costs accounted for 1,287,100 Difference due to rounding 0 Unit reconciliation: units to account for: Beginning work in process 35,600 started during the year 154,000 total units to account for 189,600 Total units accounted for transferred to finished goods 164,000 ending work in process inventor 25,600 total units accounted for 189,600 Equivalent units of production-(EUP)-weighted average method units % EUP- % EUP materials materials converstion CC transferred to finished goods 164,000 100% 164,000 100% 164,000 ending work in process inventory 25,600 100% 25,600 80% 20480 total units 189,600 184,480 Cost per Equivalent units of production Materials Conversion Beginning work in process 21,300 77,000 cost added during the year 186,400 1,002,400 total costs costs 207,700 costs 1,079,400 equivalent units of production EUP 189,600 EUP 184,480 Cost per Equivalent units of production 1.10 5.85 total costs accounted for cost of units transferred out: EUP cost EUP total direct materials 164,000 1.10 179656 conversion 164,000 5.85 959571 total costs transferred out 1139227 cost of ending work in process EUP cost EUP total direct materials 25,600 1.10 28044 conversion 20,480 5.85 119829 total cost of ending work in process 147873 total costs accounted for 1287100 Req 2 General Journal Debit Credit finished goods inventory 1139227 work in process inventory 1139227 (note the figures are a bit blurry , incase u find I have copied any wrong figure just change it and follow the method , u will get the correct answer)