Prepare a schedule that shows how the equivalent units were computed so that you
ID: 2498384 • Letter: P
Question
Prepare a schedule that shows how the equivalent units were computed so that you can complete the “Quantities: Units accounted for” equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.)
HAMILTON PROCESSING COMPANY
Mixing and Cooking Department
Production Cost Report
For the Month Ended October 31
Equivalent Units
Quantities
Physical
Units
Materials
Conversion
Costs
26,700
200,250
226,950
160,200
66,750
226,950
Costs
Materials
Conversion
Costs
Total
$320,400
$140,175
$460,575
$40,050
420,525
$460,575
HAMILTON PROCESSING COMPANY
Mixing and Cooking Department
Production Cost Report
For the Month Ended October 31
Equivalent Units
Quantities
Physical
Units
Materials
Conversion
Costs
(all materials, 70% conversion costs)
26,700
Started into production200,250
Total units226,950
Units accounted for Transferred out160,200
Work in process, October 31(60% materials, 40% conversion costs)
66,750
Total units accounted for226,950
Costs
Materials
Conversion
Costs
Total
$320,400
$140,175
$460,575
Equivalent units Unit costs$
$
$
Costs to be accounted for Work in process, October 1$40,050
Started into production420,525
Total costs$460,575
Explanation / Answer
Particulars Materials %completion Equivalent mat Conv Units %completion Equivalent Conv Units Opening WIP 26,700.00 100.00% 26,700.00 26,700.00 100.00% 26,700.00 Units started and completed(160,200-26700) 133,500.00 100.00% 133,500.00 133,500.00 100.00% 133,500.00 Closing WIP 66,750.00 60.00% 40,050.00 66,750.00 40.00% 26,700.00 Equivalent units 200,250.00 186,900.00 Total costs 320,400.00 140,175.00 Per Unit Cost 1.60 0.75 Note: Assumed Weighted average Method