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I am stumped on this one. Not quite too sure on the equivalent units of production but I do know how to do the cost of reconciliation part. At this point, any help at all is very much so appreciated. Thank you in advance:
The Mixing Department of Garrett Manufacturing has the following production and cost data for January.
Production:
1. Transferred out 15,000 units
2. Started 4,000 units that are 40% complete as to conversion costs and 100% complete as to materials at January 31.
Cost:
Beginning work in process $0
Materials 76,000
Labor 34,800
Manufacturing Overhead 31,600
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
Instructions:
a) Determine the equivalent units of production for (1) materials and (2) conversion costs.
b) Compute unit cost and prepare a cost reconcilement schedule.
The Mixing Department of Garrett Manufacturing has the following production and cost data for January.
Production:
1. Transferred out 15,000 units
2. Started 4,000 units that are 40% complete as to conversion costs and 100% complete as to materials at January 31.
Cost:
Beginning work in process $0
Materials 76,000
Labor 34,800
Manufacturing Overhead 31,600
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
Instructions:
a) Determine the equivalent units of production for (1) materials and (2) conversion costs.
b) Compute unit cost and prepare a cost reconcilement schedule.
Equivalent Units of Production ?? HELP PLEASE?
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