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ACG2071- SPRING 2023 CHAPTER 12 HOMEWORK EXERCISE 2 Legacy Company...

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Accounting

ACG2071- SPRING 2023
CHAPTER 12 HOMEWORK
EXERCISE 2
Legacy Company manufactures umbrellas and has the following information available for the month o
64,50103,00189,500=
815018
Work in process, May 1
(100% complete for materials, 90% for conversion)36,000 units
Direct materials
$64,500
Conversion cost
$87,500
Number of units started
90,500 units
May costs
Direct materials
$103,000
Conversion cost
$189,500
Work in process, May 31
(100% complete for materials, 20% for conversion)
33,500 units
Required:
Using the weighted-average method of process costing, complete each of the following steps:
Reconcile the number of physical units worked on during the period.
Calculate the number of equivalent units.
units
comped t end W|P=
Calculate the cost per equivalent unit rounded to five decimal places.
Reconcile the total cost of work in process.
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