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LO.2 (WA EUP; cost assignment) Spangenberg Products manufactures computer cases. All material is added at the start of production and overhead is applied to each product at the rate of 70 percent of direct labor cost. At the beginning of July, there were
no units in the Finished Goods Inventory. The ?rm's inventory cost records provide the following information:
Units
DM Cost
DL Cost
Work in Process Inventory, 7/1 (70% complete as to labor)
100,000
$ 750,000
$ 215,000
Units started in production
1,500,000
Costs for July
5,650,000
4,105,000
Work in Process Inventory, 7/31 (60% complete as to labor)
400,000
At the end of July, the cost of the Finished Goods Inventory was determined to be
$124,000.
a. Compute the following:
1. Equivalent units of production using the weighted average method.
2. Unit production costs for material, labor, and overhead.
3. Cost of goods sold.
b. Prepare the journal entries to record the July transfer of completed goods and the July cost of goods sold.
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