Refer to the following information about the Pollination Dep…
Refer to the following information about the Pollination Department in the Honey Bee Factory for the month of March. Honey Bee Factory uses the FIFO method of inventory costing. All materials are added at the beginning of the process. Beginning Work in Process inventory: Physical units 3,000 units % complete for materials 100% % complete for conversion (labor and overhead) 65% Materials Cost from February $ 4,075 Conversion cost from February $14,256 Products started and completed in March: Physical Units 12,000 units Ending Work in Process Inventory: Physical Units 5,000 units % complete for materials 100% % complete for conversion 40% Manufacturing costs incurred for March: Materials $ 64,525 Conversion $123,000 ` 1. Compute equivalent units for direct materials and conversion costs: EUP for DM [DM] units, EUP for conversion [conv] units. 2. Compute cost per equivalent units for direct materials and conversion costs: ***round to the nearest cent*** Cost per EUP for DM $[CPUforDM]; Cost per EUP for conversion costs $[CPUforConv]. 3. Compute the total cost of units completed and transferred out to finished goods during March.***Be sure to use your answers from part 2.*** Total costs assigned to units completed and transferred out $[totalcostout]. 4. Compute total cost of the ending Work in Process Inventory. ***Be sure to use per unit cost from part 2.*** Direct material cost assigned to ending WIP $[DMend], conversion costs assigned to ending WIP $[Convend], and therefore total costs assigned to ending WIP $[endWIP]
Read Details