ACCT 346 Week 3 Homework Assignment

ACCT 346 Week 3 Homework Assignment

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Attachments: ACCT 346 Week 3 Homework Assignment.xlsx [ Preview Here ]

1. Beginning WIP inventory is 15,500 units, 75% complete for materials. During the month, 90,000 units were started; 87,000 were finished; and ending WIP was 18,500 units that were 50% complete for materials.                                                                                      

                                                                                               

How many equivalent units should be used to allocate costs for materials? (Assume that the weighted average method is used, not FIFO.)                                                                                       

                                               

                                                                                               

2.  During a period, 38,200 units were completed and 4,200 units were in ending WIP inventory. Ending WIP was 75% complete for direct materials and 50% complete for conversion costs.                                                                                         

                                                                                               

2a. What are the equivalent units for direct materials?                                                                                              

                                                                                               

                                                                                               

Completed Units         $38,200           $38,200                                                                      

Ending Units   $4200 (75% complete)            $3,150                                                            

All Units         $42,400           $41,350           Direct Materials  Equivalent Units                                                    

                                                                                               

                                                                                               

2b. What are the equivalent units for conversion costs?                                                                                             

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