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The following information is available for Keyser Corporation for the current year: Beginning Work in Process Cost of Beginning Work in Process: (75% complete) 14,500 units Material $25,100 Started 75,000 units Conversion 50,000 Ending Work in Process Current Costs: (60% complete) 16,000 units Material $120,000 Abnormal spoilage 2,500 units Conversion 300,000 Normal spoilage (continuous) 5,000 units Transferred out 66,000 units All materials are added at the start of production. Refer to Keyser Corporation. Assume that the cost per EUP for material and conversion are $1.75 and $4.55, respectively. What is the cost assigned to ending Work in Process

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Answer:

$71,680

Explanation:

Calculation to determine the cost assigned to ending Work in Process

Equivalent Units * Cost per Equivalent Unit =Total

Work in Process Current Costs 16,000* $1.75 =$28,000

Work in Process Current Costs: (60% complete 9,600*$4.55=$43,680

(16,000*60%=9,600)

Total Cost assigned to ending Work in Process=$28,000+$43,680

Total Cost assigned to ending Work in Process=$71,680

Therefore cost assigned to ending Work in Process is $71,680

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