Unit Cost and Cost Assignment, Nonuniform Inputs Loran Inc. had the following equivalent units schedule...
70.2K
Verified Solution
Link Copied!
Question
Accounting
Unit Cost and Cost Assignment, Nonuniform Inputs
Loran Inc. had the following equivalent units schedule and cost for its fabrication department during September:
Materials
Conversion
Units completed
180,000
180,000
Add: Units in ending WIP x Fraction complete
74,000
47,360
(74,000 x 64%)
Equivalent units of output
254,000
227,360
Costs:
Work in process, September 1:
Materials
$147,000
Conversion costs
7,875
Total
$154,875
Current costs:
Materials
$1,145,000
Conversion costs
363,895
Total
$1,508,895
Required:
1. Calculate the unit cost for materials, for conversion, and in total for the fabrication department for September. If required, round your answers to the nearest cent.
Unit materials cost
$
Unit conversion cost
$
Total unit cost
$
2. Calculate the cost of units transferred out and the cost of EWIP. Round unit cost value to the nearest cent in intermediate calculations. If required, round final answers to the nearest dollar.
Cost transferred out
$
Cost of ending work in process
$
Answer & Explanation
Solved by verified expert
Get Answers to Unlimited Questions
Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!
Membership Benefits:
Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
