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E6-3 Page 349 Computing unit costs; cost of units finished; cost of units in process The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the weighted average cost method: Started in the Process 12,000 units Finished and Transferred 10,500 units Work In Process 1,500 units (2/5 completed) Materials: $36,000 Labor: $44,400 Factory Overhead $22,200 Case 1—All materials are added and labor and factory overhead are added evenly throughout the process. Make the following computations

a. Unit cost of materials for the month

b. unti cost of labor

c. unit cost of overhead

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Trinidad Tremblay
Trinidad TremblayLv2
29 Sep 2019

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E6-3 Page 349 Computing unit costs; cost of units finished; cost of units in process The following data appeared in the accounting records of Craig Manufacturing Inc., which uses the weighted average cost method: Started in the Process 12,000 units Finished and Transferred 10,500 units Work In Process 1,500 units (2/5 completed) Materials: $36,000 Labor: $44,400 Factory Overhead $22,200 Case 1—All materials are added and labor and factory overhead are added evenly throughout the process.

Make the following computations

a. Cost of the units finished and transferred out for the month

b. Total cost of the units in process at the end of the month.

E6-7 Page 351 Calculating unit costs; units lost in production Gray Brothers Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost at the beginning of production. Materials and labor and overhead costs are added evenly throughout the process. The following summaries were prepared for the month of January: Production Summary Started in process 10,000 Finished and transferred to the stockroom 8,000 In process, end of the month 1,000 Stage of completion 1/2 Lost in process 1,000 Cost Summary Materials $132,000 Labor $33,000 Factory overhead $20,625 Compute the total cost of units to transfer to finished goods.

E6-2 Page 349 Computing equivalent production, unit costs, and costs for completed units and ending inventory Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of March 1 consisted of 1,000 watches that were complete as to materials and 75% complete as to labor and overhead. The March 1 work in process costs were as follows: Materials $5,000 Labor $5,000 Overhead $8,000 During the month, 10,000 units were started and 9,500 units were completed. The 1,500 units of ending inventory were complete as to materials and 25% complete as to labor and overhead. The costs for March were as follows: Materials $61,000 Labor $20,000 Overhead $48,000 Calculate the cost of the ending inventory.

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