Tots Toys Inc., Accounting Homework Help

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)      

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