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Question - Comprehensive Problem, One Department
Regal Polish manufactures a single product in one department and uses a process costing system. At the start of May, there were 10,100 units in process that were 100 percent complete with respect to direct material and 60 percent complete with respect to conversion costs (labor and overhead). During the month, the company began production of 107,800 units. Ending Work in Process Inventory consisted of 5,900 units that were 100 percent complete with respect to material and 70 percent complete with respect to conversion costs.
Cost Information
Beginning Work in Process
Costs Added in May
Direct material
$4,360
$82,886
Direct labor
220
17,200
Manufacturing overhead
330
17,090
Total
$4,910
$117,176
Required -
Calculate the cost per equivalent unit for each of the three cost items and in total.
Calculate the cost of items completed in May and the cost of ending Work in Process.
Reconcile the sum of the two costs in part b to the sum of beginning Work in Process and costs added in May.
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