Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:
| Beginning work in process (23% complete) | 39,000 units | ||
| Direct materials | $ | 40,000 | |
| Conversion cost | 88,000 | ||
| | | ||
| Total cost of beginning work in process | $ | 128,000 | |
| | | ||
| Number of units started | 68,000 | ||
| Number of units completed and transferred to finished goods | 81,000 | ||
| Ending work in process (59% complete) | |||
| Direct materials cost incurred | $ | 86,000 | |
| Conversion cost applied | 159,000 | ||
| | | ||
| Total cost added | $ | 245,000 | |
| | | ||
| | |||
| Required: |
| Using the weighted average method of process costing, complete each of the following steps: |
| (a) | Reconcile the number of physical units worked on during the period. |
| Physical Units | Physical Units | |||||
| Beginning units | Units completed | |||||
| Units started | Ending units | |||||
| | | | | |||
| Total units | Total units | |||||
| | | | | |||
| | ||||||
| (b) | Calculate the number of equivalent units. |
| Equivalent Units | ||||
| Direct Materials | Conversion | |||
| Units completed | ||||
| Ending inventory | ||||
| | | | | |
| Total | ||||
| | | | | |
| | ||||
| (c) | Calculate the cost per equivalent unit. (Round your answers to 5 decimal places. Omit the “$” sign in your response.) Don't use plagiarized sources. Get Your Custom Essay on boxer corporation manufactures metal toolboxes it adds all ma 380885 For $10/Page 0nly |
| Direct Materials | Conversion | |||||
| Cost per equivalent unit | $ | $ | ||||
| | ||||||
| (d) | Reconcile the total cost of work in process. (Use rounded cost per Equivalent unit. Round your answers to the nearest dollar amount. Omit the “$” sign in your response.) |
| Direct Materials | Conversion | Total Cost | |||||||
| Units completed | $ | $ | $ | ||||||
| Ending inventory | |||||||||
| | | | | | | | | | |
| Total cost accounted for | $ | $ | $ | ||||||
| | | | | | | | | ||
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