Boxer Corporation manufactures metal toolboxes. It adds all materials at the beg
ID: 2466314 • Letter: B
Question
Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:
Beginning work in process (50% complete) 70,000 units
Direct materials $ 120,000
Conversion cost 185,000
Total cost of beginning work in process $ 305,000
Number of units started 120,000 units
Number of units completed and transferred to finished goods 108,000 units
Ending work in process (80% complete):
Direct materials cost incurred $ 250,000
Conversion cost applied $350,000
Total cost added $600,000
Using the weighted averge method of process costing, complete each of the following (SHOW ALL WORK):
A) Reconcile the number of physical units worked on during a period. Begining Units ____ , Units Started ____ , Total Units ____ , Units Completed ____ , Ending Units ____ , Total Units ____
B) Calculate the number of equivalent units. DIRECT MATERIALS Unit Materials ____, Ending Inventroy ____ , Total _____ CONVERSION Unit Materials ____, Ending Inventroy ____ , Total _____
C) Calculate the cost per equivalent units. DIRECT MATERIALS: Beginning Inventory Costs $____ , Current Period Costs $ ____ , Total Costs $ _____ , Equivalent Units _____, Cost per equivalent unit $ _____ CONVERSION: Beginning Inventory Costs $____ , Current Period Costs $ ____ , Total Costs $ _____ , Equivalent Units _____, Cost per equivalent unit $ _____
D) Reconcile the total cost of work in progress. DIRECT MATERIALS: Units Completed $ ____, Ending Inventory $ ____ , Total Cost Accounted For $_____ CONVERSION: Units Completed $ ____, Ending Inventory $ ____ , Total Cost Accounted For $_____
Explanation / Answer
A)
B)
C)
Reconcilation of physical unit: Physical Units Beginning Work in process 70,000.00 No. of units started 120,000.00 Total Units 190,000.00 Units completed and transferred 108,000.00 Ending work in process 82,000.00 Total Units 190,000.00