Calculate the number of equivalent units

Assignment Help Cost Accounting

Reference no: EM131810824

Glencove Co. makes one model of radar gun used by law enforcement officers. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows:

	Units	Costs
Beginning work in process (40% complete)	7
Direct materials		$ 1,327,500
Conversion cost		616,800
Total cost of beginning work in process		$ 1,944,300
Number of units started	35,500
Number of units completed and transferred to finished goods	33,900
Ending work in process (75% complete)	20,950
Current period costs
Direct materials		$2,393,400
Conversion cost		1,257,500
Total current period costs		$3,650,900

Required:

Using FIFO method of process costing, complete each of the following steps:

a. Reconcile the number of physical units worked on during the period.

b. Calculate the number of equivalent units.

c. Calculate the cost per equivalent unit.

d. Reconcile the total cost of work in process.

Reference no: EM131810824

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