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At the start of July, Classic Car Wax Company had beginning Work in Process of 2,000 units that were 90 percent complete with respect to material and 45 percent complete with respect to conversion costs. The cost of the units was $7,000 ($5,000 of material and $2,000 of conversion costs).During the month, the company started production of 40,000 units and incurred $224,500 of material cost and $91,750 of labor and overhead. Costs per equivalent unit were $6.00 for material and $2.50 for labor and overhead (conversion costs).The cost of items completed was $314,500 ($222,000 for materials and $92,500 for labor and overhead).Units in ending Work in Process are 25 percent complete with respect to material and 10 percent complete with respect to conversion costs.
Required:
a. Prepare a reconciliation of units.b. What is the cost of ending Work in Process?
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