Summarize physical units and compute equivalent units (process costing Steps 1 a

Question

Summarize physical units and compute equivalent units (process costing Steps 1 and 2)

Patty’s Pumpkin Pies collected the following production information relating to November’s baking operations:

Complete the first two steps in the process costing procedure:

1. Summarize the flow of physical units.

2. Compute output in terms of equivalent units.

1 and 2) (Learning Objective 3) Patty's Pumpkin Pies collected the following production information relating to November's baking operations: Physical Direct Materials (% conversion costs (% Units complete) complete) Beginning work in 203,000 process Ending work in 153,000 75% 80% process Units started during995,000 the month

Explanation / Answer

1) UNITS TO ACCOUNT FOR: Physical Units Beginning WIP 203000 Units introduced during the period 995000 Total units to account for 1198000 2) UNITS ACCOUNTED FOR: Equivalent Units Material Conversion Cost Units completed and transferred out 1045000 1045000 1045000 Ending WIP 153000 114750 122400 Total units accounted for 1198000 114750 122400

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