Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials...

 

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Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and transferred out) and units in ending work in process. The assembly division of Cranberry Watches, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Read the requirement. Begin by summarizing the total costs to account for. Work in process, beginning Costs added in current period Total costs to account for Total Production Costs Direct Materials Conversion Costs Beginning work in process (May 1)a Started in May 2017 Completed during May 2017 Ending work in process (May 31)b Total costs added during May 2017 Physical Units (Watches) 82 505 467 120 Direct Conversion Materials Costs $549,300 $96,550 $3,235,000 $1,405,000 a Degree of completion: direct materials, 80%; conversion costs, 35%. b Degree of completion: direct materials, 55%; conversion costs, 35%. Flow of Production Completed and transferred out during current period Work in process, ending Accounted for Work done to date Physical Units 467 120 587 Equivalent Units Direct Conversion Materials Costs 467 66 533 467 42 509 Summarize the total costs to account for, calculate the cost per equivalent unit for direct materials and conversion costs, and assign costs to the units completed (and transferred out) and units in ending work in process. The assembly division of Cranberry Watches, Inc. uses the weighted-average method of process costing. Consider the following data for the month of May 2017: (Click the icon to view the data.) (Click the icon to view the equivalent unit computation.) Read the requirement. Begin by summarizing the total costs to account for. Work in process, beginning Costs added in current period Total costs to account for Total Production Costs Direct Materials Conversion Costs Beginning work in process (May 1)a Started in May 2017 Completed during May 2017 Ending work in process (May 31)b Total costs added during May 2017 Physical Units (Watches) 82 505 467 120 Direct Conversion Materials Costs $549,300 $96,550 $3,235,000 $1,405,000 a Degree of completion: direct materials, 80%; conversion costs, 35%. b Degree of completion: direct materials, 55%; conversion costs, 35%. Flow of Production Completed and transferred out during current period Work in process, ending Accounted for Work done to date Physical Units 467 120 587 Equivalent Units Direct Conversion Materials Costs 467 66 533 467 42 509

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