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Problem - Journalizing in process costing; equivalent units and costs
Crystal Company produces large quantities of a standardized product. The following information is available for its production activities for March.
Raw materials
Factory overhead incurred
Beginning inventory
$26,000
Indirect materials used
$81,500
Raw materials purchased (on credit)
255,000
Indirect labor used
50,000
Direct materials used
(172,000)
Other overhead costs
159,308
(81,500)
Total factory overhead incurred
$290,808
Ending Inventory
$27,500
Factory overhead applied
Factory payroll
(140% of direct labor cost)
Direct labor used
$207,720
Total factory overhead applied
Total payroll cost (paid in cash)
$257,720
Additional information about units and costs of production activities follows.
Units
Costs
Beginning goods in process inventory
2,200
Started
30,000
Direct materials
$3,500
Ending goods in process inventory
5,900
Direct labor
3,225
Status of ending goods in process inventory
Factory overhead
4,515
Materials-Percent complete
50 %
$11,240
Labor and overhead-Percent complete
65 %
Direct materials added
172,000
Direct labor added
207,720
Overhead applied (140% of direct labor)
290,808
Total costs
$681,768
$82,128
During March, 25,000 units of finished goods are sold for $85 cash each. Cost information regarding finished goods follows.
Beginning finished goods inventory
$155,000
Cost transferred in
599,640
Cost of goods sold
(612,500)
Ending finished goods inventory
$142,140
Requirement - Complete the process cost summary report for this company, showing costs charged to production, units cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. (Round your cost per EUP answers to 2 decimal places. Round all other items entered to the nearest whole dollar amount. Omit the "$" sign in your response.)
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