What is the total cost to be accounted for

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Reference no: EM13342515

Problem

Base your answer on the data from Paxton, Inc. for March.  Paxton uses the average costing method.

 

Paxton, Inc. for March

 

Quantity

 

 

Costs

Beginning Work in Process

Current Month

Work in Process-Beginning

24,000

Materials

$50,000

$180,000

Started in Production-Current Month

176,000

Labor

11,460

110,780

Transferred Out to Finished Goods

 

Overhead

3,820

40,110

Joint Product No. 1

100,000

Total

$65,280

$330,890

Joint Product No. 2

70,000

 

 

 

Work in Process-Ending

 

30,000

 

 

 

Stage of Completion of  Beginning Work in Process         Ending Work in Process

Materials

               100%                                          100%             

Labor

                 60%                                            70%

Overhead

                 60%                                            70%

 

Sales Value

 

   Joint Product No. 1

$2.00 per unit

   Joint Product No. 2

$4.00 per unit

 

 

Additional Completion Costs

 

   Joint Product No. 1

$0.30 per unit

   Joint Product No. 2

     -0-










What are the equivalent production units for materials, labor, and overhead, respectively?

What is the total cost to be accounted for?

What are the unit costs of materials, labor, and overhead, respectively?

What is the total cost transferred out?

Reference no: EM13342515

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