B-20.04 Zeus Corporation produces cultured diamonds via a secretive process that grows the
diamonds in a vacuum chamber filled with a carbon gas cloud. The diamonds are
produced in a single continuous process, and Zeus uses the weighted-average process
costing method of accounting for production.
Below is the company's calculation of cost per equivalent unit for October. During
October, the company completed and transferred 8,000 diamonds to finished goods. An
additional 4,000 units were still in process at the end of the month. The ending work in
process was 60% complete with respect to direct materials and 40% complete with
respect to both elements of conversion cost. Prepare a schedule showing the allocation of total cost between finished goods and ending
work in process. Cost Per Equivalent Unit:
Conversion Beginning Work in
Process
Cost incurred during
period
Total cost Total
Cost Direct
Materials $ 3,900,000 $ 1,170,000 9,300,000
$ 13,200,000 Direct
Labor
$ Factory
Overhead 780,000 $ 1,950,000 1,860,000 2,325,000 5,115,000 $ 3,030,000 $ 3,105,000 $ 7,065,000 Equivalent units ÷ 10,400 ÷ 9,600 ÷ 9,600 Costs per equivalent
unit $ 291.35 $ 323.44 $ 735.94 $1,059.38
$1,350.72 Name:
Date: B-20.04 Section: Cost Allocation:
Equivalent Units:
Conversion
Total
Cost
Transferred to Finished Goods
Ending Work in Process Total Ending Work in Process
Total Cost Allocation Direct
Materials Direct
Labor Factory
Overhead
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Posted 20 Jun 2017 12:06 AM
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