Able Inc. uses the weighted-average method in its process costing system. The following data concern the operations of the company's first processing department for a recent month.

Beginning work in process inventory
Units in beginning work in process inventory 300
Percent Complete with Respect to Materials 60%
Percent Complete with Respect to Conversion 30%
Costs in the beginning of inventory
Materials Cost $342
Conversion Cost $2,394
Units started into production during the month 21000
Units transferred to the next department during the month 20700
Materials Cost added during the month $44,136
Conversion Cost added during the month $546,750
Ending Work in process inventory
Units in ending work in process inventory 600
Percent Complete with Respect to Materials 80%
Respect complete with respect to conversion 30%
Required:

a. Determine the equivalent units of production.

b. Determine the costs per equivalent unit.

c. Determine the cost of ending work in process inventory.

d. Determine the cost of the units transferred to the next department

Answer and Explanation:

a. the equivalent units of production

                                       Material          Conversion cost

Unit completed and

transferred out                 20,700           20,700

Ending Work in progress  480                 180

                                     (600 × 80% )      (600 × 30% )

Equivalent unit                21,180           20,880

b.The costs per equivalent unit

                                       Material          Conversion cost

Beginning

work in progress             342                      2,394

Cost added                      $44,136            $546,750

Total cost                        $44,478             $549,144

Equivalent unit                  21,180              20,880

Cost per unit                      $2.1                   $26.3

c. The cost of ending work in process inventory

                                  Material       Conversion cost        Total cost

Ending  

work in progress      1,008                4,734                      5,742

                       (600 × 80% × $2.1)   (600 × 30% × 26.3 )

d. The cost of the units transferred to the next department

                                  Material       Conversion cost        Total cost

Unit completed and

transferred                 43,470              544,410                 587,880

                             (20700 × $2.1 )   (20700 × $26.3 )

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