step by step

2 Total Materials $ 800 Conversion $ 4,000 Beginning Work in Process Costs added during the period $ 6,000 $ 32,400 Total costs Divide by equivalent units Cost per equivalent unit 3 Materials Conversion Total Ending WIP Equivalent units Cost per equivalent unit Total cost of Ending WIP Units Completed and Transferred out Equivalent units Cost per equivalent unit Total cost of units transferred out 4 Total Beginning WIP Costs added Total Cost of units in ending WIP cost of units transferred out Total Exam 2 Review Chapters 5,6,8 Test consists of 15 multiple choice questions (3 pts) and 3 long problems Chapter 5 Practice Problem Using the data below, complete the following four steps (be sure to label all work) 1. Compute equivalent units 2. Compute cost per equivalent unit (round to four decimal places) 3. Assign costs (as shown in class) using results from step 1 & 2 4. Reconcile costs (as shown in class) using data from steps 2 & 3 Production Data: Beg WIP 2,000.00 Started into production 18,000.00 Completed and transferred out 16,000.00 Ending WIP 4,000.00 (25% complete as to materials, 55% complete as to conversion) 1 Materials Conversion Units completed and transferred out Ending WIP Equivalent units