C21_WCP solution_SV

C21_WCP solution_SV - Materials cost $168,360 $265,450 Conversion costs $67,564 $16,892 $289,468 $60,578 Cost Reconciliation Schedule Costs

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SOLUTION Chapter 21 Waterways Continuing Problem WCP21 (a) Production Report -- Weighted-Average Method Waterways Corporation Molding Department Production Report For the month of January Equivalent Units Physical Units Materials Conversion Quantities Units to be accounted for: Work in process, Jan 1 (80% materials, 30% conversion) 24,000 Started into production 60,000 Total units 84,000 Units accounted for: Transferred out 58,000 58,000 58,000 Work in process, Jan 31 (50% materials, 10% conversion) 26,000 13,000 2,600 Total units 84,000 71,000 60,600 Costs Unit costs Materials Conversion Costs Total Costs in January* (a) $433,810 $434,502 $868,312 Equivalent units (b) 71,000 60,600 Unit costs [(a) / )b)] $6.11 $7.17 $13.28 Costs to be accounted for Work in process, January 1 $252,816 Started into production 615,496 Total costs $868,312 *Additional computations to support production costs report data:
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Unformatted text preview: Materials cost - $168,360 + $265,450 Conversion costs - $67,564 + $16,892 + $289,468 + $60,578 Cost Reconciliation Schedule Costs accounted for Transferred out (58,000 X $13.28) $770,240 Work in process, Jan 31 Materials (13,000 x $6.11) 79,430 Conversion (2,600 x $7.17) 18,642 98,072 Total costs $868,312 21-1 *(b) Equivalent Units -- FIFO Method Equivalent Units Physical Units Materials Conversion Units accounted for Completed and transferred out Work in process, January 1 (20% materials, 70% conversion) 24,000 4,800 16,800 Started and completed in January 34,000 34,000 34,000 Work in process, Jan 31 (50% materials, 10% conversion) 26,000 13,000 2,600 Total units 84,000 51,800 53,400 21-2...
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This note was uploaded on 06/08/2011 for the course ACCOUNTING x1a taught by Professor Deez during the Spring '11 term at UCLA.

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C21_WCP solution_SV - Materials cost $168,360 $265,450 Conversion costs $67,564 $16,892 $289,468 $60,578 Cost Reconciliation Schedule Costs

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