Bacon Manufacturing Company has two departments, Assembly and Finishing. Consider the following data for the Finishing Department for April:
Required:1) Compute the equivalent units for the Finishing Department using the weighted average method.2) Compute the number of equivalent units for the department's ending inventory.3) At what state of completion (percentage) are the units in the department's ending inventory? (State your answer in a percentage and round it to one decimal place.)4) Compute the amount of cost that should be transferred out.5) Compute the cost that should be assigned to the department's ending inventory.
What will be an ideal response?
1) Equivalent units = ($35,000 + $500,000) ÷ $20.00 = 26,750
2) Number of equivalent units in ending inventory = 26,750 ? 18,000 = 8,750
3) Percent complete = 8,750 ÷ 12,000 = 72.9%
4) Cost transferred = 18,000 × $20.00 = $360,000
5) Ending inventory = 8,750 × $20.00 = $175,000
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