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ABC Corporation has the following costs for July:
July 1, Beginning Work in Process Inventory (18,000 units):
Direct Materials (70% complete) $ 122,400
Conversion Costs (60% complete) 76,800
Total WIP July 1 $199,200
During July:
Units Started 90,000
Units Completed and Transferred Out 102,000
Costs incurred during July
Direct Materials $180,000
Conversion $288,000
July 31, Ending Work in Process Inventory (12,000 units):
Direct Materials (60% complete)
Conversion (50% complete)
Answer the following questions for July (3 points each):
Part 1: Determine the number of units started and finished during July _____________
Part 2: Determine the costs transferred out to finished goods using FIFO _____________
Part 3: Determine the equivalent units for Conversion Costs using Weighted Average _____________
Part 4: Determine the cost per equivalent unit for Conversion Costs using Weighted Average
_____________
Part 5: Determine the costs transferred out to finished goods during July using Weighted Average
____________
Answer & Explanation
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