Assume the equivalent units of production for materials and conversion are 5,200 units and 5,000 units, respectively, using the weighted-average method. If 4,660 units were completed and transferred to the next department, then what is the total cost assigned to the units completed and transferred out of the Milling Department

Question Completion:

Milling Department Materials Conversion Total Cost of beginning work in process inventory $ 10,000 $ 15,000 $ 25,000 Costs added during the period 291,600 385,000 676,600 Total cost $ 301,600 $ 400,000 $ 701,600

Milling Department

The total cost assigned to the units completed and transferred out is:

= $643,080

Explanation:

a) Data and Calculations:

Milling Department

Cost of production:

                                                              Materials    Conversion    Total Cost

Beginning work in process inventory  $ 10,000      $ 15,000       $ 25,000

Costs added during the period             291,600      385,000        676,600

Total cost                                             $ 301,600  $ 400,000      $ 701,600

Equivalent units of production              5,200           5,000

Cost per equivalent unit                         $58              $80

Cost Assignment:

Units completed and transferred out:

Materials = $270,280 (4,660 * $58)

Conversion  372,800 *4,660 * $80)

Total costs $643,080

Therefore, the costs assigned to ending work in process = $ 58,520 ($701,600 - 643,080)

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