E3-17 (Algo) Calculating Equivalent Units, Unit Costs, and Cost Assigned (Weighted-Average Method) [LO 3-3] Vista Vacuum Company has the following production information for the month of March. All materials are added at the beginning of the manufacturing process. Units Beginning inventory of 3,300 units that are 100 percent complete for materials and 30 percent complete for conversion. 15,100 units started during the period. Ending inventory of 3,300 units that are 11 percent complete for conversion. Manufacturing Costs Beginning inventory was $20,100 ($10,500 materials and $9,600 conversion costs). Costs added during the month were $30,400 for materials and $48,500 for conversion ($27,100 labor and $21,400 applied overhead). Assume the company uses Weighted-Average Method. Required: 1. Calculate the number of equivalent units of production for materials and conversion for March. 2. Calculate the cost per equivalent unit for materials and conversion for March. 3. Determine the costs to be assigned to the units transferred out and the units still in process.

1.  materials = 18,400 units and conversion = 15,463 units

2. materials = $2.22 and conversion = $3.76

3. units transferred out = $90,298 and units still in process = $8,691

Explanation:

Units Completed and Transferred = Opening Work In Process Inventory + Started during the Period - Closing Work In Process

                                                          = 3,300 + 15,100 -  3,300

                                                          = 15,100

First Calculate the Equivalent units of Production in Respect of Materials and Conversion Costs :

1. Materials

Closing Work In Process (3,300 × 100%)                    = 3,300

Completed and Transferred (15,100 × 100%)              = 15,100

Equivalent units of Production for Raw Materials      = 18,400

2. Conversion Costs

Closing Work In Process (3,300 × 11%)                              =     363

Completed and Transferred (15,100 × 100%)                    =  15,100

Equivalent units of Production for Conversion Costs      = 15,463

Then calculate the cost per equivalent unit for materials and conversion :

Cost per equivalent unit = Total Costs (Opening + Current Year) ÷ Total Equivalent Units

1. Materials

Cost per equivalent unit = ($10,500  + $30,400) ÷ 18,400

                                        = $2.22

2. Conversion Costs

Cost per equivalent unit = ($9,600  + $48,500) ÷ 15,463

                                        = $3.76

Total Cost per equivalent unit = Materials + Conversion Costs

                                                  = $2.22 + $3.76

                                                  = $5.98

Then, determine the costs to be assigned to the units transferred out and the units still in process

Units transferred out = units completed and transferred ×  Total Cost per equivalent unit

                                  = 15,100 × $5.98

                                  = $90,298

Units Still In Process :

Materials (3,300 × $2.22)             = $7,326

Conversion Costs ( 363 × $3.76) = $1,365

Total                                               = $8,691

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