The inventory at June 1 and costs charged to Work in Process-Department 60 during June are as follows:
3800 units, 80% completed ............ $ 60,400
Direct materials, 32,000 units ........... 368,000
Direct labor ................... 244,000
Factory Overhead ................ 188,000
Total costs to be accounted for .......... $ 860,400
During June, 32,000 units were placed into production and 31,200 units were completed including those in inventory on June 1. One June 30, the inventory of work in process consisted of 4,600 units which were 40% completed. Inventories are costed by the first-in-first-out method and all materials are added at the beginning of the process.
Determine the following presenting your computations:
(a) Equivalent units of production for conversion cost
(b) Conversion cost per equivalent unit
(c) Total and unit cost of finished goods started in prior period and completed in the current period
(d) Total and unit cost of finished goods started and completed in the current period.
(e) Total cost of work in process inventory at June 30