Tots Toys Inc., Accounting Homework Help

/in /by

Tots Toys Inc. manufactures a wooden model
wagon. The departments are cutting, assembly and painting.

Following is the
information for the assembly department for the month of September 2013.

Costs:
 
 
 
 
 
 
 
 
 
Beginning
WIP:
 
 
 
 
 
 
 
 
 
  Transferred In  $1,000 
 
 
 
 
 
 
 
 
 
  Direct materials  2,000
 
 
 
 
 
 
 
 
 
  Conversion costs 6,000
 
 
 
 
 
 
 
 
Total $9,000
 
 
 
 
 
 
 
 
 
Added during the Month:
 
 
 
 
 
 
 
 
  Transferred In  10,000 
 
 
 
 
 
 
 
 
 
Direct materials  15,000
 
 
 
 
 
 
 
 
 
Conversion costs 25,000
 
 
 
 
 
 
 
 
Total $50,000
 
 
 
 
 
 
 
 
 
Total Costs Incurred $59,000
 
 
 
 
 
 
 
Units:
 
 
 
 
 
 
 
 
 
 
Beginning WIP  200 units
 
 
 
 
 
 
 
 
Started  1000 units
 
 
 
 
 
 
 
 
 
Completed  950 Units
 
 
 
 
 
 
 
 
 
Ending WIP  ? units
 
 
 
 
 
 
 
 
 
Ending WIP was 50% complete for direct materials and 40% for conversion cost.
 
 
 
 

 
Required:
 
 
 
 
 
 
 
 
 
1.
Calculate the equivalent units.
 
 
 

 
 
 
 
2.
Compute the cost per unit.

 
 
 
 
 
 
 
3.
Price the inventories (Reconciliation)