Preparation of Process Accounts (With opening and Closing WIP) Solved Problem 5 The information relating to process 1 of a two-stage production process is as follows for August 2019. Opening inventory Cost to date 500 units (degree of completion 60%) RO 2,800 Costs incurred in August 2019 Direct materials (2,500 units introduced) RO 13,200 RO 6,600 RO 6,600 Direct labour Production overhead RO 26,400 Closing inventory There was no loss in the process. Prepare Process Account for the month of 300 units (Degree of completion 80%) august

ces Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Units Pulping 3,000 100% Conversion 80% 7,000 100% 75% $ 885 $ 360 133,900 $ 44,203 $ 21,904 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: For March: 1. Compute the Drying Department's equivalent units of production for pulping and conversion. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion. 3. Compute the Drying…

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Current Attempt in Progress Concord Company decided to analyze certain costs for June of the current year. Units started into production equaled 27000 and ending work in process equale 3500 units. With no beginning work in process inventory, how much is the conversion cost per unit if ending work in process was 20 % complete and total conversion costs equaled $135520? O $4.44. O $2.80. $5.60. e $5.02.