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    Process Costing

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    Thomas Company process costing for the month of October 2008. The company used the weight-average.

    Beginning inventory: 24,000 units(60% completed as to materials and 75% completed as to conversion costs)

    Ending inventory: 30,000 units(30% complete as to materials and 40% complete as to conversion costs)
    Units started: 60,000 units

    beginning inventory ( materials $82,500, conversion costs $94,240)
    Current period costs(materials-$129,500, conversion-$105,760)

    1. show the physical flow of units during the period.
    2. compute the equivalent units of production for the month.
    3. calculate the cost per equivalent-unit for materials and conversion costs for the period.
    4. what are the total costs assigned to finished goods and the ending work in process? show all computations.

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    Solution Summary

    The solution explains how to calculate the equivalent units, cost per equivalent units and the cost assigned to units transferred and to units in ending inventory.