Sheffield Company has the following production data for March: no beginning work in process, units started and completed 30,500, and ending work in process 5,400 units that are 100% complete for materials and 40% complete for conversion costs. Sheffield uses the FIFO method to compute equivalent units. If unit materials cost is $7 and unit conversion cost is $13, determine the costs to be assigned to the units transferred out and the units in ending work in process. The total costs to be assigned are $675,880.

Total Costs   $ 675,880

Explanation:

Costs EWIP

Ending work in process 5,400 units

Materials = 5,400* $ 7 = $ 37800

Conversion = 5400 * 40 % * $ 13= $ 28,080

We multiply the unit costs to the the equivalent units to get the costs of ending work in process.

Cost Units Completed

Units Completed 30,500

Materials = 30,500* $7=  $ 213,500

Conversion = 30,500* $ 13 =  $ 396500

Similarly we multiply the unit costs to the the completed units to get the costs.

                                               Materials            Conversion

EWIP                                         $ 37800           $ 28,080

Units Completed                     $ 213,500           $ 396500        

Total                                       $  251,300             $ 424 580      

Total

Materials $215300

Conversion $ 424580

Total Costs   $ 675,880

Now we add both costs to get the total costs which are equal to the given costs.

a manufacturer of printed circuit boards uses exponential smoothing with trend to forecast monthly demand of its product. at the end of december, the company wishes to forecast sales for january. the estimate of trend through november has been 200 additional boards sold per month. average sales have been around 1000 units per month. the demand for december was 1100 units. the company uses α = 0.20 and β = 0.10. make a forecast including trend for the month of january.

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