Summarize total costs to account for and assign total costs to units completed (and transferred out) and to units in ending work in process.

Bio Doc Corporation is a biotech company based in Milpitas. It makes a cancer-treatment drug in a single processing department. Direct materials are added at the start of the process. Conversion costs are added evenly during the process. Bio Doc uses the weighted-average method of process costing. The following information for July 2011 is available.
Physical Direct Conversion
Units Materials Costs
Work in process July 1 8500a 8500 1700
Started during July 35000
Completed and transferred out during July
33000 33000 33000
Work in process July 31 10500b 10500 6300
Degree of completion: direct materials 100%; conversion costs 20%.
Degree of completion: direct materials 100%; conversion costs 60%.
Total Costs for July 2008
Work in process beginning $63100
Direct materials 45510
Conversion costs $108610
Direct materials added during July 284900
Conversion costs added during July 485040
Total costs to account for $878550
1. Calculate cost per equivalent unit for direct materials and conversion costs.
2. Summarize total costs to account for and assign total costs to units completed (and transferred out) and to units in ending work in process.


 

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The post Summarize total costs to account for and assign total costs to units completed (and transferred out) and to units in ending work in process. appeared first on Term Paper Tutors.

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