Question & Answer: Round everything to 4 decimals places if needed, except for final answers of COGM and EWIP Box or…..

Round everything to 4 decimals places if needed, except for final answers of COGM and EWIP Box or circle your final answers to each question Exercise 1) Having Fun Filters produces an air filter for use in accounting classrooms. Parts are filters in work in process, 70 percent complete as to materials and 60 percent complete as to labor and overhead. During the month, an additional 6,400 units were started into production. Sixteen hundred filters were in work in process at the end of the month, and they were 50 percent complete as to materials and 40 percent complete as to labor and overhead. Having Fun Filters uses the Weighted-Average method. Cost information for August Beginning WIP Inventory Cost Added in August Direct material Direct labor Manufacturing overhead 94,000 S 33,000 S 35,000 S 253,810 $ 97,542 S 612.348 $ 963.700 Total 162,000 Required (complete the cost template to answer these questions) 1. Calculate the cost per equivalent unit for materials and conversion costs. 2. Calculate the cost of items completed in August and the cost of ending WIP inventory Exercise 2) Repeat Exercise 1 assuming that Having Fun Filters used the First In, First Out method Exercise 3) At the start of period, Wallys Wacky Wigs had work in process inventory consisting of 2,500 units that were 58 percent complete with respect to materials and 27 percent complete with respect to conversion costs. The cost of the units was $81,340 (541,785 of material cost, $25,110 of labor, and $14,445 of overhead). A total of 6,660 units were completed and transferred to the next department. During the period, the company incurred $25,054 of material cost and S64.800 of conversion costs (47% of this cost was labor). There were 5,210 units in ending work in process that were 79 percent complete with respect to materials and 32 percent complete with respect to conversion costs. Transferred-in costs consisted of $22.222 in beginning work in process and $77,777 added during the period. Wallys Wacky Wigs uses the Weighted-Average method. Reguired (complete the cost template to answer these questions): 1. Calculate the cost per equivalent unit for transferred-in costs, materials, and conversion 2. Calculate the cost of items completed (COGM) during the period 3. Calculate the cost of ending work in process. Exercise 4) Repeat Exercise 3 assuming that Wallys Wacky Wigs used the First In, First Out method.

Round everything to 4 decimals places if needed, except for final answers of COGM and EWIP Box or circle your final answers to each question Exercise 1) Having Fun Filters produces an air filter for use in accounting classrooms. Parts are filters in work in process, 70 percent complete as to materials and 60 percent complete as to labor and overhead. During the month, an additional 6,400 units were started into production. Sixteen hundred filters were in work in process at the end of the month, and they were 50 percent complete as to materials and 40 percent complete as to labor and overhead. Having Fun Filters uses the Weighted-Average method. Cost information for August Beginning WIP Inventory Cost Added in August Direct material Direct labor Manufacturing overhead 94,000 S 33,000 S 35,000 S 253,810 $ 97,542 S 612.348 $ 963.700 Total 162,000 Required (complete the cost template to answer these questions) 1. Calculate the cost per equivalent unit for materials and conversion costs. 2. Calculate the cost of items completed in August and the cost of ending WIP inventory Exercise 2) Repeat Exercise 1 assuming that Having Fun Filters used the First In, First Out method Exercise 3) At the start of period, Wally’s Wacky Wigs had work in process inventory consisting of 2,500 units that were 58 percent complete with respect to materials and 27 percent complete with respect to conversion costs. The cost of the units was $81,340 (541,785 of material cost, $25,110 of labor, and $14,445 of overhead). A total of 6,660 units were completed and transferred to the next department. During the period, the company incurred $25,054 of material cost and S64.800 of conversion costs (47% of this cost was labor). There were 5,210 units in ending work in process that were 79 percent complete with respect to materials and 32 percent complete with respect to conversion costs. Transferred-in costs consisted of $22.222 in beginning work in process and $77,777 added during the period. Wally’s Wacky Wigs uses the Weighted-Average method. Reguired (complete the cost template to answer these questions): 1. Calculate the cost per equivalent unit for transferred-in costs, materials, and conversion 2. Calculate the cost of items completed (COGM) during the period 3. Calculate the cost of ending work in process. Exercise 4) Repeat Exercise 3 assuming that Wally’s Wacky Wigs used the First In, First Out method.

Expert Answer

 

ans 1
Cost of Prduction report (weighted avg method)
ProductionDepartment Equivalent Units
Flow Of Units Physical Units Direct Material Conversion Cost
Units to be accounted for
Beginning work in process inventory 1400
Units started this period 6400
Total u nits to be accounted for 7800
Units accounnted for:
Completed and transferred out (b) 6200 6200 6200
Ending work in progress inventory c (50% material and 40% conversion) 1600 800 640
Total units to be accounted for (f) 7800 7000 6840
Flow of Cost
Cost in the begnning work in progress inventory 162000 33000 129000
cost added to process 963700 253810 709890
Total Cost to be accounted for (e) 1125700 286810 838890
Cost per equivalent unit (a) 40.97 122.64
Cost accounted for
Cost assigned to units transferred out (a*b) 1014429 254032 760397
Cost in ending work in progress inventory (a*c) 111271 32778 78493
Total Cost accounted for 1125700 286810 838890
Direct Material Conversion Cost
Ans a Cost per equivalent units 40.97 122.64
ans b
Cost assigned to units transferred out (a*b) 1014429
Cost in ending work in progress inventory (a*c) 111271
ans 2
Cost production report
Flow Of Units Physical Units Direct Material A Conversion cost
Units to be accounted for
Beginning work in process inventory 1400
Units started 6400
Total u nits to be accounted for 7800
Units accounnted for:
Transferred out from units of opening WIP 1400
Units started and completed this period 4800
Completed and transferred out (b) 6200
Ending work in progress inventory© 1600
Total units to be accounted for (f) 7800
Calculation of equivalent units
Units in Beginning WIP n 1400 1400
% of completion of Beginning WIP in last period 70% 60%
% of completion of Beginning WIP completed in current period m 30% 40%
Equivalents units of Beginning Wip A (n*m) 420 560
Units started and completed B 4800 4800 4800
Units of Ending WIP 1600 1600 1600
% completion 100% 50% 40%
Equivalent units in ending WIP E 1600 800 640
Total Equivalent units A+B+E 6020 6000
Cost per equivalent units
Direcrt material Conversion cost Total
Cost per equivalent units
Cost during the period $253,810 709890 $963,700
Total equivalent units 6020 6000
Cost per equivalent units   d $42.16 $118.32 $160.48
Cost charged to production
Beginning Work in Process, 162000
Cost incurred during the period $963,700
Total cost accounted 1125700
Cost allocated
Work in Process, Beginning 162000
To complete Inventory in process Beginning $17,708 $66,256 $83,964
Cost of completed Beginning, Wip $245,964
Started and completed b*d $202,373 $567,912 $770,285
Transferred 0ut ########
Work in process Ending c*d $33,729 $75,722 $109,451
Total cost assigned 1125700
Direcrt material Conversion cost
ans 1 Equivalent units 6020 6000
ans 2 Cost per rquivalent units $42.16 $118.32
ans 3 Cost assigned
Completed units $1,016,249
ending WIP $109,451
ans 3
Cost of Prduction report (weighted avg method)
ProductionDepartment Equivalent Units
Flow Of Units Physical Units Transferred In Direct Material Conversion Cost
Units to be accounted for
Beginning work in process inventory 2500
Units started this period 9370
Total u nits to be accounted for 11870
Units accounnted for:
Completed and transferred out (b) 6660 6660 6660 6660
Ending work in progress inventory c (79% material and 32% conversion) 5210 5210 4116 1667
Total units to be accounted for (f) 11870 11870 10776 8327
Flow of Cost
Cost in the begnning work in progress inventory 103562 22222 41785 39555
cost added to process 167631 77777 25054 64800
Total Cost to be accounted for (e) 271193 99999 66839 104355
Cost per equivalent unit (a) 8.42 6.20 12.53
Cost accounted for
Cost assigned to units transferred out (a*b) 180879 56107 41310 83462
Cost in ending work in progress inventory (a*c) 90314 43892 25529 20893
Total Cost accounted for 271193 99999 66839 104355
Transferred In Direct Material Conversion Cost
Ans a Cost per equivalent units 8.42 6.20 12.53
ans 2
Cost assigned to units transferred out (a*b) 180879
ans 3 Cost in ending work in progress inventory (a*c) 90314
ans 4
Cost production report
Flow Of Units Physical Units Transferred In cost Direct Material A Conversion cost
Units to be accounted for
Beginning work in process inventory 2500
Units started 9370
Total u nits to be accounted for 11870
Units accounnted for:
Transferred out from units of opening WIP 2500
Units started and completed this period 4160
Completed and transferred out (b) 6660
Ending work in progress inventory© 5210
Total units to be accounted for (f) 11870
Calculation of equivalent units
Units in Beginning WIP n 2500 2500 2500
% of completion of Beginning WIP in last period 100% 58% 27%
% of completion of Beginning WIP completed in current period m 0% 42% 73%
Equivalents units of Beginning Wip A (n*m) 0 1050 1825
Units started and completed B 4160 4160 4160 4160
Units of Ending WIP 5210 5210 5210 5210
% completion 100% 100% 79% 32%
Equivalent units in ending WIP E 5210 5210 4116 1667
Total Equivalent units A+B+E 9370 9326 7652
Cost per equivalent units
Transferred In cost Direcrt material Conversion cost Total
Cost per equivalent units
Cost during the period 77777 $25,054 64800 $167,631
Total equivalent units 9370 9326 7652
Cost per equivalent units   d $8.30 $2.69 $8.47 $19.46
Cost charged to production
Beginning Work in Process, 103562
Cost incurred during the period $167,631
Total cost accounted 271193
Cost allocated
Work in Process, Beginning 103562
To complete Inventory in process Beginning $2,821 $15,454 $18,275
Cost of completed Beginning, Wip $121,837
Started and completed b*d $34,531 $11,176 $35,228 $80,934
Transferred 0ut $202,771
Work in process Ending c*d $43,246 $11,057 $14,118 $68,422
Total cost assigned 271193
Transferred In Direct Material Conversion Cost
Ans a Cost per equivalent units 8.30 2.69 8.47
ans 2
Cost assigned to units transferred out (a*b) 202771
ans 3 Cost in ending work in progress inventory (a*c) 68422
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