determine the equivalent units of production for materials and conversion costs 608883

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Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2014 are presented below.

Production Data Don't use plagiarized sources. Get Your Custom Essay on determine the equivalent units of production for materials and conversion costs 608883 Get an essay WRITTEN FOR YOU, Plagiarism free, and by an EXPERT! Just from $10/Page Order Essay	January
Beginning work in process units	-0-
Units started into production	50,000
Ending work in process units	2,500
Percent complete—ending inventory	40%

	Cost Data January
Materials	$510,000
Labor	92,500
Overhead	150,000
Total	$752,500

Instructions

(a)Compute the physical units of production.

(b)Determine the equivalent units of production for materials and conversion costs.

(c)Compute the unit costs of production.

(d)Determine the costs to be assigned to the units transferred out and in process.

(e)Prepare a production cost report for the Molding Department for the month of January.

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