Question
McElroy, Inc., produces a single model of a popular cell phone in large quantities. A single...
McElroy, Inc., produces a single model of a popular cell phone in large quantities. A single cell phone moves through two departments, assembly and testing. The manufacturing costs in the assembly department during March follow: Direct materials Conversion costs $154,000 143,000 $297,000 The assembly department has no beginning Work-in-Process Inventory. During the month, it started 28,000 cell phones, but only 24,000 were fully completed and transferred to the testing department. All parts had been made and placed in the remaining 4,000 cell phones, but only 50% of the conversion had been completed. The company uses the weighted average method of process costing to accumulate product costs. Required: 1. Compute the equivalent units and costs per equivalent unit for March in the assembly department. 2. Compute the cost of units completed and transferred to the testing department. 3. Compute the cost of the ending Work-in-process. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the equivalent units and costs per equivalent unit for March in the assembly department. (Round "Costs per equivalent unit" to 2 decimal places.) Direct Conversion Materials Equivalent units Costs per equivalent unit
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost of units completed and transferred to the testing department. (Round intermediate calculations to 2 decimal places.) Cost of units completed and transferred out < Required a < Required 1 Required 3 > Required 3 >
Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Compute the cost of the ending Work-in-process. (Round intermediate calculations to 2 decimal places.) Cost of the ending work-in-process < Required 2 Required 3 >
Answers
Ans.
Information available in question
The units completed and transferred out is 24,000 units
The ending Work in Process Inventory is 4,000 units
The percentage completed in ending WIP is 100% for materials, and 50% complete for labor and overhead.
The total cost added during the month for the material is $154,000, and conversion costs is $143,000
The production cost report for the month of March is as follows
McElroy, Inc Production cost report Physical Units Equivalent Units Equivalent Units Material Conversion costs Quantities Units to be accounted for Work in process , beginning 0 Started into production 28,000 Total units 28,000 Units accounted for Transferred out 24,000 24,000 24,000 Work in process , closing 4,000 4,000 2,000 Total units 28,000 28,000 26,000 Costs Material cost Conversion costs Total cost Units Costs opening work in process $0 $0 $0 During the month $154,000 $143,000 $297,000 Total cost A $154,000 $143,000 $297,000 Equivalent units B 28,000 26,000 Units costs C = A / B $5.50 $5.50 $11 The cost assigned to transfer out $132,000 $132,000 $264,000 The cost assigned to work in process $22,000 $11,000 $33,000 Requirement 1
Direct Material Conversion Equivalent Units 28,000 26,000 Cost per Equivalent Units $ 5.50 $ 5.50 Requirement 2
The cost of units completed and transferred to the testing department is $264,000
Requirement 3
The cost of the ending Work-in-Process is $33,000
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