16-12 - 16-12 16-29 (1) PETROIL REFINING COMPANY Process...

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Unformatted text preview: 16-12 16-29 (1) PETROIL REFINING COMPANY Process Cost Sheet (May) Equivalent Units Equivalent Equivalent Physical units for units for units direct materials conversion Completed and transferred 400 400 400 Ending GIP inventory (30% processed) 250 250 75a Total 650 650 475 a250 x 30% Average Costs per Equivalent Unit Total costs Equivalent Average costs per accumulated units equivalent unit Direct materials $2,730 650 = $4.20 Conversion 3,040 475 = 6.40 Total $5,770 Costs Assigned To units completed and transferred to finished goods inventory Direct materials 400 equivalent units @ $4.20 = $1,680 Conversion 400 equivalent units @ $6.40 = 2,560 $4,240 To ending (May 31) goods-in-process inventory Direct materials 250 equivalent units @ $4.20 = $1,050 Conversion 75 equivalent units @ $6.40 = 480 1,530 Total costs assigned $5,770 (2) Assets = Liabilities + Stockholders' Equity Goods-in-Process Inventory Finished Goods Inventory Bal $5,770 -- 4,240 +$4,240 Bal $1,530 ...
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