Reference no: EM13343186
Problem- Packer Manufacturing Company:
Production and cost data for the month of February for Process A of the Packer manufacturing Company follow:
Units in process, February 1
(100% complete with respect to materials;
25% complete with respect to conversion cost) ... ?,???
New units started in process........................... 18,000
Units completed......................................... 16,000
Units in process, February 28
(100% complete with respect to materials;
1/3 complete with respect to conversion cost)...... 6,000
Work in process inventory, February 1:
Materials................................................. $2,000
Conversion.............................................. $20,000
Cost incurred in February:
Materials issued........................................ $8,560
Conversion.............................................. $21,500
The company uses the weighted-average cost method in its process costing system.
Required:
1. Calculate the equivalent units and cost per equivalent unit for February for materials and for conversion costs. (Carry calculations out to the nearest tenth of a cent.)
2. Determine the cost transferred to finished goods.
3. Determine the amount of cost that should be assigned to the ending work in process.
4. Do a cost reconciliation report.
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