Sandia Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information: Units Costs
Beginning work in process (30% complete) 80,000
Direct materials $ 80,000
Conversion cost 190,000
Total cost of beginning work in process $ 270,000
Number of units started 152,000
Number of units completed and transferred to finished goods ?
Ending work in process (50% complete) 68,000
Current period costs
Direct materials 180,000
Conversion cost 314,000
Total current period costs $ 494,000
Required:
1 & 2. Using FIFO method of process costing, complete each of the following steps
a. Reconcile the number of physical units worked on during the periocd
Physical Units Physical Units
Beginning Units Units Completed
Units Started Ending Units
Total Units 0 Total Units 0
b. Calculate the number of equivalent units.
Equivalent Units
Physical Units Direct Materials Conversion
Units Completed
Ending Inventory
Total
c. Calculate the cost per equivalent unit (Round cost per Equivalent Unit to 5 decimal places.)
Direct Materials Conversion
Cost per Equivalent
Unit
d. Reconcile the total cost of work in process. (Use Cost per Equivalent Unit rounded to 5 decimal places and round your final answers to the nearest whole dollar amount.)
Direct Materials Conversion Total Cost
Units Completed
Ending Inventory
Total Cost Accounted for