Question

All materials are added at the start of production. Refer to Keyser Corporation. Assume that the cost per EUP for material and conversion are $1.75 and $4.55, respectively. What is the cost assigned to ending Work in Process

Answer 1

The cost assigned to ending Work in Process explanations only.

Step-by-step explanation:

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Here are some explanations and steps you need to consider to answer this question.

The cost assigned to ending Work in Process :

Ending Work in Process usually have different number of equivalent units of production with respect to materials and conversion cost depending on the percentage of work completed for materials and conversion during the production process.

Step 1

So the first step is to calculate the equivalent units of production of Ending Ending work in process for Materials and Conversion costs.

Equivalent units of production = Physical units x Percentage completion (Materials / Conversion).

Step 2

The next step would be to calculate the cost assigned to ending Work in Process.

Equivalent units in materials are multiplied against Cost per Equivalent Unit) EUP for materials ($1.75 ) so is the Equivalent units in conversion costs against Cost per Equivalent Unit) EUP for conversion ($1.75). The total of the two amounts is the cost assigned to ending Work in Process.