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Equivalent units and cost per equivalent unit

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Reference no: EM131774843

Equivalent Units and Cost per Equivalent Unit-Weighted-Average Method

Grand River Company produces a high-quality insulation material that passes through two production processes. Data for November for the first process follow:

CompletionCompletion

with Respectwith Respect

Units to materialsto Conversion

Work in process inventory, November 1 ...... 80,00050%25%

Work in process inventory, November 30.....60,00045%20%

Materials cost in work in process

Inventory, November 1 $76,600

Conversion cost in work in process

Inventory, November 1 $34,900

Units started into production 300,000

Units transferred to the next process 320,000

Materials cost added during November$410,000

Conversion cost added during November$234,500

Required:

1. Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for November for the first process.

300,000 (units started into production) + 80,000 (WIP, Nov.1) = 380,000

2. Compute the costs per equivalent unit for November for the first process.

3. Determine the total cost of ending work in process inventory and the total cost of units transferred to the next process in November.

Reference no: EM131774843

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