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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.

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Deanna Hettinger
Deanna HettingerLv2
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. Unit cost of materials for the month

b. unti cost of labor

c. unit cost of overhead

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.

E6-1 Page 348

Computing equivalent units of production
Using the data given for Cases 1 below, and assuming the use of the average cost method, compute the separate equivalent units of production—one for materials and one for labor and overhead— under each of the following assumptions (labor and factory over- head are applied evenly during the process in each assumption): Assumptions:
c. At the beginning of the process, 75% of the materials go into production and 25% go into production when the process is one-half completed.

Case 1—Started in process 5,000 units; finished 3,000 units; work in process, end of period, 2,000 units, three-fourths completed.

For this problem,

determine the equivalent units for labor and overhead.

determine the equivelent units for materials only

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