quivalent Units and Product Cost Report--Weighted Average Method The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019; Beginning inventory (700 units, 40% complete) Direct materials $ 2,905 Conversion costs $ 7,942 Current period Direct materials (5,000 units) 35,000 Direct labor 59,600 Manufacturing overhead applied 37,800 Joyner used the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following: a. Equivalent units for materials and conversion. b. Cost per equivalent unit for materials and conversion. c. Total cost assigned to the units transferred out.

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 10EA: Using the weighted-average method, compute the equivalent units of production for a new company that...

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E4-5A

Equivalent Units and Product Cost Report--Weighted Average Method

The following data (and annotations) are for Joyner Company's processing department work-in-process account for the month of June 2019;

Beginning inventory (700 units, 40% complete)

Direct materials

$ 2,905

Conversion costs

$ 7,942

Current period

Direct materials (5,000 units)

35,000

Direct labor

59,600

Manufacturing overhead applied

37,800

Joyner used the weighted average method. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout. Ending work-in-process is composed of 900 units, 70% complete. Compute the following:

a. Equivalent units for materials and conversion.

b. Cost per equivalent unit for materials and conversion.

c. Total cost assigned to the units transferred out.

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