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Question description
Tots Toys Inc. manufactures a wooden model wagon. The departments are cutting, assembly and painting. Following is the information for the assembly department for the month of September 2013.
Costs:
Beginning WIP:
Transferred In $1,000
Direct materials 2,000
Conversion costs 6,000
Total $9,000
Added during the Month:
Transferred In 10,000
Direct materials 15,000
Conversion costs 25,000
Total $50,000
Total Costs Incurred $59,000
Units:
Beginning WIP 200 units
Started 1000 units
Completed 950 Units
Ending WIP ? units
Ending WIP was 50% complete for direct materials and 40% for conversion cost.
Required:
Calculate the equivalent units.
Compute the cost per unit.
Price the inventories (Reconciliation)
In what industries might one find process costing being used?
Define an equivalent unit.
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