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.
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.