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Work in process inventory, September 1 (2,000 units, 100% complete with respect todirect materials, 80% complete with respect to direct labor and overhead; includes$45,000 of direct material cost, $25,600 in direct labor cost, $30,720 overhead cost) $ 101,320 Units started in April 28,000 Units completed and transferred to finished goods inventory 23,000 Work in process inventory, September 30 (? units, 100% complete with respect to direct materials, 40% complete with respect to direct labor and overhead) ? Costs incurred in September Direct materials $ 375,000 Conversion $ 341,000Required:Compute each of the following, assuming Hi-Test uses the weighted-average method of process costing.(Round "Cost per EUP" to 2 decimal places.)1. The number of physical units that were transferred out and the number that are in ending work in process inventory.2&3. The number of equivalent units for materials and conversion for the month.4&5. The cost per equivalent unit of materials and conversion for the month6. The total cost of goods transferred out.7. The total cost of ending work in process inventory.

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anthougo

Answer:

1. Number of physical units transferred out = 23,000 units

Number of units in ending work in process = 7,000 units

2. The number of equivalent units for materials = 30,000 units

3. The number of equivalent units for conversion = 25,800 units

4. The cost per equivalent units for materials = $14.00

5. The cost per equivalent units for conversion = $15.40

6. The total cost of goods transferred out = $676,200

7. The total cost of ending work in process inventory = $141,120

Explanation:

a) Data and Calculations:

                                              Units       Materials      Conversion   Total

Work in process inventory,

September 1                          2,000         100%                80%

Cost of beginning WIP                       $45,000         $56,320      $101,320

Cost during April                                375,000          341,000        716,000

Total production costs                    $420,000       $397,320      $817,320

Units started in April          28,000

Total units in process        30,000 (2,000 + 28,000)

Units transferred out         23,000      23,000           23,000

Ending WIP, Sept. 30           7,000         7,000 (100%)  2,800 (40%)

Total equivalent units                          30,000           25,800

Cost per EUP     $14.00 ($420,000/30,000)  $15.40 ($397,320/25,800)

Cost of goods transferred out        $322,000         $354,200      $676,200

                                             ($14.00 * 23,000)   ($15.40 * 23,000)

Cost of ending WIP                           $98,000            $43,120         $141,120

                                              ($14.00 * 7,000)   ($15.40 * 2,800)

Total costs accounted for             $420,000          $397,320       $817,320

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