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Bell Computers, LTD., located in Liverpool, England, assembles a standardized personal computer from parts it purchases from various suppliers. The production process consists of several steps, starting with assembly of the “mother” circuit board, which contains the central processing unit. This assembly takes place in the CPU Assembly Department. The company recently hired a new accountant who
prepared the following partial production report for the department for January using the weighted-average method: Quantity Schedule: Units to be accounted for: Work in process, January 01 10,000 (Materials 90% complete; Conversion 80% complete) Started into production 58,000 Total units 68,000 Units accounted for as follows: Completed and transferred out 60,000 Work in Process, January 31 8,000 (Materials 75% complete; Conversion 50% complete) Total units 68,000 Total Cost: Cost to be accounted for: Work in Process, January 01 £ 26,800 Cost added in the department 175,600 Total cost £ 202,400 Cost Reconciliation: Cost accounted for as follows: Completed and transferred out £ 186,000 Work in Process, January 31 16,400 Total cost £ 202,400 The company’s management would like some additional information about January’s operation in the CPU Assembly Department. (The currency in England is the pound, which is denoted by the symbol “£”.) Required: 1. How many units were stared and completed during January? 2. What were the equivalent units for January for material and conversion costs? 3. What were the costs per equivalent unit for January? The following additional data are available concerning the department’s cost: Particular Total £ Material £ Conversion £ Work in Process, January 01 26,800 18,000 8,800 Cost added during January 175,600 114,000 61,600 4. Verify the accountant’s ending work in process inventory figure (£16,400) given in the report. 5. What criticism can be made of the unit costs that have been computed using weighted –Average Method by the company and which method is superior for computing unit cost under process costing based on your criticism?
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Expert answered|sls23|Points 327|
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Asked 1/15/2010 9:22:34 AM
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