Solution-Determine ending balance for work-in-process

Determine ending balance for work-in-process

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Reference no: EM132939066

Question - A manufacturing company uses process costing. The company plant has one production department. Direct materials are added at the start of production while conversion costs are incurred evenly throughout production.

On June 1, all inventories have zero balances. During June, the company started production on 8,000 units. During the month, 6,000 units were completed while 2,000 units were in ending work-in-process (20% complete regarding conversion effort). During June, the company incurred direct material costs of $16,000 and conversion costs of $5,600.

Required -

(1) Calculate cost per equivalent unit for the two cost pools (direct materials and conversion).

(2) Provide journal entry for completion of 6,000 units.

(3) Determine ending balance for work-in-process.

Reference no: EM132939066

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Determine ending balance for work-in-process

Reference no: EM132939066

Reference no: EM132939066

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