Sierra Co. has provided the following information: Work in Process: Feb 1 25,000 units (100% complete for materials, 60% complete for conversion) Materials Conversion $35,000 $43,000 80,000 units Units started February costs Materials Conversion $120,000 $234,000 15,000 units Work in Process: Feb 28 (100% complete for materials 20% complete for conversion) Using the weighted average method of process costing, complete each of the following: a. How many units were completed and transferred to Finished Goods? b. Calculate equivalent units c. Calculate cost per equivalent unit. Round your answers to four decimal places. d. What is the dollar amount transferred to Finished Goods? Round your answer to a whole dollar amount. e. Calculate the cost of the ending Work in Process. Round your answer to a whole dollar amount.

The answers are as follows:

a. 90, 000 units

b. Materials: 105,000; Conversion: 93,000

c. Materials: $1.4762; Conversion: $2.9785 (rounded to 4 decimal places)

d. $ 400,922 (rounded to whole dollar amount)

e. $31, 078 (rounded to whole dollar amount)

Explanation:

Work in process valuation entails calculating the value of goods which are started and completed during the period plus the value of goods which are not yet completed but have been started during the current period. In order to calculate the required, the following abbreviations will be employed:

Op.Wip is the value of the opening inventory

Current is the total cost of production in the current period

Total C is the total cost of production incurred during the current period including opening inventory

Comp. U is the quantity of completed units in the current period

WIP eq.U is the equivalent units of production for the current period. Equivalent units are the number of units that are computed for partially completed units of production.

Total eq.U is the total quantity of units produced including equivalent units (completed units plus equivalent units)

CPU is the cost per unit of production for materials as well as conversion costs

Mat represents materials and CC represents conversion costs

Part 1

            $           $           $                 $           $                   $    

    Op. Wip  Current  Total C    Comp. U   WIP eq.U  Total eq.U  

Mat  35,000  120,000  155,000   90,000     15,000        105,000                  

CC   43,000  234,000  277,000  90,000      3,000        93,000                            

       78,000                    432000                                          

Equivalent units: Materials (15,[email protected]% completion = 15,000 units); Conversion (15,[email protected]% completion = 3,000 units)

Cost Per Unit (CPU):

Materials cost: $1.476*  ($155,000/105,000 units)

Conversion cost: $2.978** ($277,000/93,000 units)

Total CPU: $4.454** ($1.476 + $2.978)     

*1.476190476

**2.978494624

***4.4546851

Part 2:

Work in Process:                                                                $

     Materials: (15000 units * 1.476190476)                22,142.85714

    Conversion Costs: (3000 units * 2.978494624)  8935.483871

Completed units: (90,000 units * 4.4546851)          400,921.659

                                                                                      432, 000  

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