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Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773

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BuyFindarrow_forward

Managerial Accounting: The Corners...

7th Edition
Maryanne M. Mowen + 2 others
ISBN: 9781337115773
Textbook Problem
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Nonuniform Inputs, Weighted Average

Ming Inc. had the following production and cost information for its blending department during February (with materials added at the beginning of the process):

Chapter 6, Problem 37BEB, Nonuniform Inputs, Weighted Average Ming Inc. had the following production and cost information for

Ming uses the weighted average method.

Required:

  1. 1. Prepare an equivalent units schedule.
  2. 2. Calculate the unit cost. (Note: Round answers to two decimal places.)
  3. 3. Calculate the cost of units transferred out and the cost of EWIP.

1.

To determine

Compute the equivalent units of output with the help of equivalent schedule.

Explanation

Equivalent Units of Production:

The total units of finished goods along with those goods that are not fully complete are known as equivalent units of production. In other words, equivalent units of production measures both completed and nearly completed units.

Prepare the table to show the calculation of equivalent units as given below:

<
ParticularsMaterialsConversion
Units completed13,04013,040

Add: Units in Ending Work in Process ×

Fraction Complete:

  

2.

To determine

Compute the amount of unit cost.

3.

To determine

Identify the cost of units transferred out and the cost of EWIP.

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