Base your answer on the data from Paxton, Inc. for March. Paxton uses the average costing method.
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Paxton, Inc. for March
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Quantity
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Costs
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Beginning Work in Process
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Current Month
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Work in Process-Beginning
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24,000
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Materials
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$50,000
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$180,000
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Started in Production-Current Month
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176,000
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Labor
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11,460
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110,780
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Transferred Out to Finished Goods
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Overhead
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3,820
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40,110
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Joint Product No. 1
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100,000
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Total
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$65,280
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$330,890
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Joint Product No. 2
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70,000
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Work in Process-Ending
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30,000
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Stage of Completion of Beginning Work in Process Ending Work in Process
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Materials
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100% 100%
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Labor
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60% 70%
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Overhead
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60% 70%
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Sales Value
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Joint Product No. 1
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$2.00 per unit
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Joint Product No. 2
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$4.00 per unit
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Additional Completion Costs
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Joint Product No. 1
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$0.30 per unit
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Joint Product No. 2
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-0-
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What are the equivalent production units for materials, labor, and overhead, respectively?
What is the total cost to be accounted for?
What are the unit costs of materials, labor, and overhead, respectively?
What is the total cost transferred out?