Triangle Corporation is a biotech company based in Cary, North Carolina. It makes a cancer-treatment...
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Accounting
Triangle Corporation is a biotech company based in Cary, North Carolina. It makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Triangle Corporation uses the weighted-average method of process costing. The following information for July 2020 is available.
Physical units
Work in process, July 1 8,500a
Started during July 35,000
Completed and transferred out during July 33,000
Work in process, July 31 10,500b
a Degree of completion: direct materials, 100%; conversion costs, 20%.
b Degree of completion: direct materials, 100%; conversion costs, 60%.
Total Costs for July 2020
Work in process, beginning
Direct materials $63,100
Conversion costs $45,510 $108,610
Direct materials added during July $284,900
Conversion costs added during July $485,040
Total costs to account for $878,550
a. Calculate the cost per equivalent unit for direct materials and conversion costs.
b. Summarize total costs to account for, and assign total costs to units completed (and transferred out) and to units in ending work in process.
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