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. What is the cost per equivalent unit for material using weighted average? Select one: a. $1.72 b. $2.07 c. $1.77 d. $1.62
To calculate the cost per equivalent unit for material using the weighted average method, we need to follow these steps: 1. Calculate the total cost of materials (beginning work in process + current costs). 2. Calculate the total equivalent units for materials. 3. Divide the total cost of materials by the total equivalent units to get the cost per equivalent unit. Let's go through the steps: 1. Total cost of materials: Beginning work in process material cost = $25,100 Current period material cost = $120,000 Total cost of materials = $25,100 + $120,000 = $145,100 2. Total equivalent units for materials: Since all materials are added at the start of production, the equivalent units for materials will be the sum of the units transferred out plus the equivalent units in ending work in process. Units transferred out = 66,000 units (these are 100% complete for materials) Ending work in process = 16,000 units (these are 60% complete for materials) Equivalent units in ending work in process = 16,000 units * 60% = 9,600 units Total equivalent units for materials = Units transferred out + Equivalent units in ending work in process Total equivalent units for materials = 66,000 + 9,600 = 75,600 units 3. Cost per equivalent unit for materials: Cost per equivalent unit = Total cost of materials / Total equivalent units for materials Cost per
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