Beta Tools Ltd. uses the weighted-average method of process costing. Materials are added at the beginning of the machining process and conversion costs are added evenly throughout the process. The following activity occurred in its Machining Department during November.
Units:
| Work in process, November 1 (80% of the way through the process) | 16,000 units |
| Transferred in from the Casting Department during November | 54,000 units |
| Completed during November | ? units |
| Work in process, November 30 (70% of the way through the process) | 18,000 units |
Costs:
| Work in process, November 1 (transferred-in costs, $40,100; direct materials costs, $40,500; and conversion costs, $39,632) | $120,232 |
| Transferred in from the Casting Department during November . | $194,400 |
| Direct materials added during November | $148,500 |
| Conversion costs added during November | $181,300 |
Required
| 1. | Summarize flow of physical units and compute total equivalent units for three cost categories: |
transferred-in, direct materials, and conversion costs.
| 2. | Summarize total costs to account for and compute the cost per equivalent unit for each cost |
category.
| 3. | Assign total costs to (a) units completed and transferred to Finished Goods Inventory and (b) |
units in November 30 Work in Process Inventory.
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