Extra credit opportunity:
Please complete these problems in your own handwriting. Answers to these problems must be submitted on or before May 7 (h. Completion of these problems are worth up to 5 extra credit points on exam one.
1. In your own words; please describe the point and steps for process costing.
2.For Salcido, Inc., the value of beginning Work in Process Inventory was $100,000, 25% of which was direct materials cost. During the period, Salcido completed work on 42,500 units, only completed 80% of the work on another 10,000 units, and incurred $80,000 in direct materials cost and $177,500 in conversion costs. Salcido adds direct materials at the beginning of their production process, and incurs conversion costs evenly throughout the process.
Required: Calculate the following using the weighted average method for process costing:
a. Equivalent units for direct materials.
b. Equivalent units for conversion costs.
c. Cost per equivalent unit for direct materials.
d. Cost per equivalent unit for conversion costs.
e. Cost assigned to ending Work in Process Inventory.
f. Cost assigned to goods completed and transferred out.
Swan Corp. began work on 3,000 units this period. Work in Process Inventory was 500 at the beginning of the period (60% complete) and 1,000 at the end of the period (50% complete). Beginning inventory costs were $3,000 for conversion costs and $7,000 for direct materials. During the period, Swan incurred $75,000 for conversion costs and $52,500 for direct materials. Swan uses the weighted average method of process costing. Direct materials are added at the beginning of the process, and conversion costs are incurred evenly throughout the period.
a. How many units were completed during the period?
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