Process Costs

Physical Units for March 2008
Opening WIP 100

Direct Materials - 100% Complete
Conversion Costs - 40% Complete
Started during March 400 Summarise flow of pro
Completed and Transferred during the month 480
Closing WIP 20
Costs for March 2008

Opening WIP
Direct Materials - 5,400,000 Summarise Costs to Acc
Conversion Costs - 1,640,000 7,040,000
Direct Materials added 22,000,000
Conversion Costs added 18,000,000
Equivalent Units Materials Conv Costs

Opening WIP 100
Started during March 400
Total 500
Transferred Out 480 480 480
Ending WIP 20 20 10
Total 500 500 490
Cost per Equivalent Unit Materials Conv Cost (Cost incurred during month
Opening WIP 5,400,000 1,640,000 /
Cost Added 22,000,000 18,000,000 (completed during m
27,400,000 19,640,000 +
Completion state of clo
Cost Per Equiv Unit 54,800 40,082
Total 94,882
Production Transferred 45,543,184

Closing WIP
Direct Materials 1,096,000 Assign costs to com
Conversion Costs 400,816 1,496,816 production and clos
ummarise flow of production
mmarise Costs to Account for
This assumes that Assess Equivalent Units

production is based on the
total work done : opening
WIP plus started in the
month
Cost incurred during month + Opn WIP)

/
(completed during month Compute Equivalent Unit Costs
+
Completion state of closing WIP)
Assign costs to completed

production and closing W.I.P.
Opening WIP 100
Started during March 400 Summarise flow of production
Closing WIP 20

Opening WIP
Direct Materials - 5,400,000
Conversion Costs - 1,640,000 7,040,000 Summarise Costs to Account for

Opening WIP 100 0 60
Started during March 400
Total 500
Started AND Completed 380 380 380
Ending WIP 20 20 10
Total 400 400 450
Cost per Equivalent Unit Materials Conv Cost

Opening WIP 0 0
Cost Added 22,000,000 18,000,000
22,000,000 18,000,000 Compute Equivalent Unit Costs
Cost Per Equiv Unit 55,000 40,000

Total 95,000
Production Transferred
Opening WIP
Materials 5,400,000
Conversion Cost 4,040,000 9,440,000
Started & Completed 36,100,000 45,540,000
Assign costs to complete
Closing WIP
production and closing W
Direct Materials 1,100,000
Conversion Costs 400,000 1,500,000
ise flow of production
ise Costs to Account for
Assess Equivalent Units
te Equivalent Unit Costs
Assign costs to completed

production and closing W.I.P.
Weighted Average FIFO
Cost of Units Transferred 45,543,184 45,540,000
Ending WIP 1,496,816 1,500,000
Total Costs Accounted 47,040,000 47,040,000

Cost per Equivalent Units
Materials 54,800 55,000
Conversion Costs 40,082 40,000
Opening WIP 120
Transferred-in Costs 100% Complete
Transferred-in during March 480
Closing WIP 160

Opening WIP
Transferred-in Costs 10,920,000
Direct Materials - 0
Transferred-in during March 45,543,184
144,263,184

Opening WIP 120
Transferred In 480
Total 600
Transferred Out 440 440 440
Ending WIP 160 0 60
Total 600 440 500
Per Unit Costs Last Month This Month

Direct Materials #N/A 30,000
Transferred Costs 91,000 94,882
Cost per Equivalent Unit Materials Conv Cost Trans-in Costs

Opening WIP 0 11,600,000 10,920,000
Cost Added 13,200,000 63,000,000 45,543,184
13,200,000 74,600,000 56,463,184
Cost Per Equiv Unit 30,000 149,200 94,105

Total 273,305
Production Transferred 120,254,335

Closing WIP
Direct Materials 0
Conversion Costs 8,952,000
Transferred-in Costs 15,056,849 24,008,849
TOTAL 144,263,184
Trans.-in Costs
440
160
600
Opening WIP 120
Transferred-in during March 480
Closing WIP 160

Opening WIP
Transferred-in Costs 10,905,000
Direct Materials - 0
Transferred-in during March 45,540,000
144,245,000

Opening WIP 120
Transferred In 480
Total 600
Transferred Out
Opening WIP 120 120 40
Started & Completed 320 320 320
440 440 360
Ending WIP 160 0 60
Total 600 440 420
Per Unit Costs Last Month This Month

Direct Materials #N/A 30,000
Transferred Costs 90,875 94,875
Cost per Equivalent Unit Materials Conv Cost Trans-in Costs

Opening WIP 0 0 0
Cost Added 13,200,000 63,000,000 45,540,000
13,200,000 63,000,000 45,540,000
Cost Per Equiv Unit 30,000 150,000 94,875

Total 274,875
Production Transferred
Opening WIP Opening Month
Materials 3,600,000 0 3,600,000
Conversion Cost 6,000,000 11,600,000 17,600,000
Transferred-in Costs 0 10,905,000 10,905,000
32,105,000
Started & Completed 87,960,000
TOTAL 120,065,000
Closing WIP
Direct Materials 0
Conversion Costs 9,000,000
Transferred-in Costs 15,180,000 24,180,000
TOTAL 144,245,000
Trans.-in Costs
0
320
320
160
480
Cost of Units Transferred 120,254,335 120,065,000
Ending WIP 24,008,849 24,180,000
Total Costs Accounted 144,263,184 144,245,000

Cost per Equivalent Units
Materials 30,000 30,000
Transferred-in Costs 94,105 94,875

Process Costs

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Physical Units for March 2008

Opening WIP 100

Costs for March 2008

Equivalent Units Materials Conv Costs

Production Transferred 45,543,184

mmarise Costs to Account for

This assumes that Assess Equivalent Units

Cost incurred during month + Opn WIP)

Assign costs to completed

Costs for March 2008

Equivalent Units Materials Conv Costs

Cost per Equivalent Unit Materials Conv Cost

Cost Per Equiv Unit 55,000 40,000

ise Costs to Account for

Assess Equivalent Units

te Equivalent Unit Costs

Assign costs to completed

Total Costs Accounted 47,040,000 47,040,000

Weighted Average FIFO

Costs for March 2008

Equivalent Units Materials Conv Costs

Per Unit Costs Last Month This Month

Cost per Equivalent Unit Materials Conv Cost Trans-in Costs

Cost Per Equiv Unit 30,000 149,200 94,105

Production Transferred 120,254,335

Costs for March 2008

Equivalent Units Materials Conv Costs

Per Unit Costs Last Month This Month

Cost per Equivalent Unit Materials Conv Cost Trans-in Costs

Cost Per Equiv Unit 30,000 150,000 94,875

Total Costs Accounted 144,263,184 144,245,000

Weighted Average FIFO

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