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 uses 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.

Part a. Equivalent units for materials and conversion.

Materials = 5,700

Conversion =5,430

Part b. Cost per equivalent unit for materials and conversion.

Materials = $6.65

Conversion = $19.40

Part c. Total cost assigned to the units transferred out.

Total cost assigned to the units transferred out = $125,040

Explanation:

Part a. Equivalent units for materials and conversion

*First Calculated the number of units completed and transferred out as follows:

Units IN must equal Units OUT

Therefore number of units completed and transferred out = 700+5000-900 = 4800

Materials Equivalent units:

Ending work-in-process = 900×100% = 900

Completed and transferred out = 4800×100% = 4800

Total Equivalent units = 5700

Conversion Equivalent units:

Ending work-in-process = 900×70% = 630

Completed and transferred out = 4800×100% = 4800

Total Equivalent units = 5430

Part b. Cost per equivalent unit for materials and conversion.

First Calculate Total Cost for Materials and Conversion in the process

Materials Cost = Beginning Inventory: 2,905+ Current Period : 35,000=$37905

Conversion Cost = Beginning Inventory: 7,942+Current Period : 59600+37,800 =$105,342

Then Calculate Cost per equivalent unit for materials and conversion

Materials = $37905/5700 = $6.65

Conversion Cost = $105,342/ 5430 = $ 19.40

Part c. Total cost assigned to the units transferred out.

Total cost assigned to the units transferred out = 4,800 × ($19.40+ $6.65)

                                                                                  = $125,040

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