FINANCIAL ACCOUNTING
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ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Equivalent Units of Production
The following information concerns production in the Baking Department for March. All direct materials are placed in process at the beginning of production.
| ACCOUNT Work in Process—Baking Department | ACCOUNT NO. | |||||||
| Date | Item | Debit | Credit | Balance | ||||
| Debit | Credit | |||||||
| Mar. | 1 | Bal., 18,000 units, 1⁄4 completed | 14,760 | |||||
| 31 | Direct materials, 336,000 units | 252,000 | 266,760 | |||||
| 31 | Direct labor | 40,000 | 306,760 | |||||
| 31 | Factory |
60,530 | 367,290 | |||||
| 31 | Goods finished, 330,000 units | 346,410 | 20,880 | |||||
| 31 | Bal. ? units, 2⁄5 completed | 20,880 |
a. Determine the number of units in work in process inventory at March 31.
units
b. Determine the equivalent units of production for direct materials and conversion costs in March. If an amount is zero, enter in "0".
| Baking Department | |||
| Equivalent Units of Production for Direct Materials and Conversion Costs | |||
| For March | |||
| Whole Units | Direct Materials Equivalent Units |
Conversion Equivalent Units |
|
| Inventory in process, March 1 | |||
| Started and completed in March | |||
| Transferred to finished goods in March | |||
| Inventory in process, March 31 | |||
| Total |
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