Assignment Problem 1: Alpha Company, on March 1, 2017 has a beginning Work in Process inventory of zero. All materials are added into production at the beginning of its production. There is only one production WIP inventory. On March 1, Alpha started into production 10,000 units. At the end of the month there were 5,000 units completed and transferred into the Finished Goods Inventory. The ending WIP was 40% complete with respect to conversion. For the month of March the following costs were incurred and recorded in the WIP:
Direct Material $20,000
Direct Labor 9,000
Factory Overhead 40,000
Alpha uses the weighted-average process costing method. Use this information to determine for the month of March:
1. The total cost transferred to the finished goods inventory
2. The total cost of the ending Work in Process inventory
Assignment Problem 2: Alpha Company had the following information for FY 2017:
Work in Process - 1/1/17 100,000 units
Units Started into Production 575,000 units
Work in Process - 12/31/17 75,000 units
Direct Material put into Production $575,000
Conversions Costs put into Production $843,750
The beginning work in process was 100% complete to direct materials and 75% complete to conversion costs.
The ending work in process was 100% complete to direct materials and 50% complete to conversion costs.
The beginning work in process consisted of:
Direct Material $100,000
Conversion Costs $112,500
Alpha Company uses the weighted-average method. Use this information to determine for FY 2017:
1. The equivalent units of production for direct materials
2. The cost per equivalent unit for materials
3. The equivalent units of production for conversion
4. The cost per equivalent unit for conversion
5. The cost that should be assigned to Alpha' work in process inventory at the end of FY 2017.
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