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CHAPTER 17 HOMEWORK ASSIGNMENT #1 Weighted Average Costing QUESTIONS 1. Sal Torre believes there are no significant differences in the flow of costs between job order cost accounting and process cost accounting. Is Sal correct? Explain. 2. What is meant by the term \"equivalent units of production\"? 3. Why can the computation of cost of goods sold be problematic in process costing? EXERCISES 1. Estrella Company has the following production information available for November Work in process, November 1 Direct Materials Conversion costs 69,000 Total Beg WIP SU7.150 Costs incurred during November Direct Materials Direct Labor Factory Overhead $1,548,000 225,920 337930 Production records show that 35,000 units were in beginning work in process-these units were 30% complete as to conversion costs. 700,000 additional units were started into production during November. 710,000 units were completed and transferred out to Finished Goods Inventory. 25,000 units were in ending work in process-these units were 40% complete as to conversion costs. Materials are entered at the beginning of the process. Instructions Prepare a production cost report for Estrella Company.

Solution

1.

Cost per equivalent unit = Cost to be accounted for / Total equivalent units

Beggining units	35000	Transferred out	7,10,000
Started intro production	700000	Ending units	25,000
Units accounted for	735000		735000
Equivalent units	Material	Conversion cost
Units transferred                      A	710000	710000
Ending Units	25,000	25,000
Completion	100%	40%
B	25000	10000
Total units	735000	720000
Cost per equivalent units
Particulars	Material	Conversion cost	total
As at beginning	69000	48150	117150
Added during the month	1548000	563850	2111850
Cost to be accounted for	1617000	612000	2229000
Total eqivalent units	735000	720000
Cost per equivalent unit	2.20	0.85	3.05
Cost per equivalent unit = Cost to be accounted for / Total equivalent units