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Cullumber Company has the following production data for March 2022: no beginning work in process, units started and completed 38,400, and ending work in process 6,400 units that are 100% complete for materials and 40% complete for conversion costs. Cullumber uses the FIFO method to compute equivalent units. If unit materials cost is $6 and unit conversion cost is $10, determine the costs to be assigned to the units completed and transferred out and the units in ending work in process. The total costs to be assigned are $678,400.
Completed and transferred out
$


Ending work in process
$

Answers

Answer 1

The costs to be assigned are:

1. Completed and transferred out = $1,218,720

2. Ending work in process  = $139,366.40

To determine the costs to be assigned to the units completed and transferred out and the units in ending work in process, we need to calculate the equivalent units of production for both materials and conversion costs.

Equivalent Units of Materials:

Units started and completed = 38,400

Ending work in process (100% complete for materials) = 6,400 units

Total equivalent units of materials = Units started and completed + Ending work in process

= 38,400 + 6,400

= 44,800 units

Equivalent Units of Conversion Costs:

Units started and completed = 38,400

Ending work in process (40% complete for conversion costs) = 6,400 units * 40% = 2,560 units

Total equivalent units of conversion costs = Units started and completed + Ending work in process

= 38,400 + 2,560

= 40,960 units

Now, we can calculate the cost per equivalent unit for both materials and conversion costs:

Cost per equivalent unit of materials = Total materials cost / Total equivalent units of materials

= $678,400 / 44,800 units

= $15.14 per unit

Cost per equivalent unit of conversion costs = Total conversion costs / Total equivalent units of conversion costs

= $678,400 / 40,960 units

= $16.56 per unit

Next, we can determine the costs to be assigned to the units completed and transferred out:

Cost of units completed and transferred out = Units started and completed * (Cost per equivalent unit of materials + Cost per equivalent unit of conversion costs)

= 38,400 * ($15.14 + $16.56)

= 38,400 * $31.70

= $1,218,720

Finally, we can determine the costs to be assigned to the units in ending work in process:

Cost of ending work in process (materials) = Ending work in process (100% complete for materials) * Cost per equivalent unit of materials

= 6,400 units * $15.14

= $96,896

Cost of ending work in process (conversion costs) = Ending work in process (40% complete for conversion costs) * Cost per equivalent unit of conversion costs

= 6,400 units * 40% * $16.56

= $42,470.40

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