The Finishing Department of Edwards Company has the following production and cost data for July:
1. Transferred out 8000 units.
2. Ending work in process 2000 units that are 40% completed at July 31.
3. Materials added $30000; conversion costs incurred $17600.
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
Instructions
(a) Compute the equivalent units of production for materials and conversion costs for the month of July.
(b) Compute unit costs and prepare a cost reconciliation schedule.

Question

Quizplus · Accepted Answer

The Answer of The Finishing Department of Edwards Company has the following production and cost data for July:
1. Transferred out 8000 units.
2. Ending work in process 2000 units that are 40% completed at July 31.
3. Materials added $30000; conversion costs incurred $17600.
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
Instructions
(a) Compute the equivalent units of production for materials and conversion costs for the month of July.
(b) Compute unit costs and prepare a cost reconciliation schedule.

The Finishing Department of Edwards Company Has the Following Production