Question 1: Weighted-average method, assigning costsBrainblocks Ltd makes interlocking children's blocks in a single processing department. Directmaterials are added at the start of production. Conversion costs are addedevenly throughoutproduction. Brainblocks uses the weighted-average method of process costing. The followinginformation for March 2021 is available.Equivalent unitsPhysical units Direct materialsConversion costs9 600Work in process, 1 MarchStarted in March12 00012 00048 000Completed and transferred out 55 000During MarchWork in process, 31 March* Degree of completion:direct materials, 100%; conversion costs, 80%.Degree of completion:direct materials, 100%; conversion costs, 30%.55 00055 0005 0005 0001 500Total costs for March 2021Work in process, beginningDirect materials$5 760Conversion costs14 825$20 585Direct materials added during MarchConversion costs added during March25 44058 625Total costs to account for$104 650Required1. Calculate the cost per equivalent unit for direct materials and conversion costs.2. Summarise the total costs to account for, and assign them to units completed (and transferredout) and to units in ending work in process.

Name: Question 1: Weighted-average method, assigning costsBrainblocks Ltd m
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Question 1: Weighted-average method, assigning costsBrainblocks Ltd makes interlocking children's blocks in a single processing department. Directmaterials are added at the start of production. Conversion costs are addedevenly throughoutproduction.