Wilkinson Company Has Gathered the Following Information Instructions
(A) Compute Equivalent Units of Production for Materials and in beginning

question 51

Essay

Wilkinson Company has gathered the following information. $\begin{array}{lr}\text { Units in beginning work in process } & -0- \\\text { Units started into production } & 54,000 \\\text { Units in ending work in process } & 10,000 \\\text { Percent complete for conversion costs in } & \\\quad \text { ending work in process } & 60 \% \\\text { Costs incurred: } & \\\quad \text { Direct materials } & \$ 81,000 \\\text { Direct labor } & \$ 99,000 \\\text { Overhead } & \$ 131,000\end{array}$
Instructions
(a) Compute equivalent units of production for materials and for conversion costs.
(b) Determine the unit costs of production.
(c) Show the assignment of costs to units transferred out and in process.

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Definitions:

Price Floor

A government- or authority-imposed price control or limit on how low a price can be charged for a product, service, or commodity.

Quantity Supplied

The supply of a product or service that vendors are willing and capable of providing at a specific price during a definite period.

Price

The financial requirement, expectation, or contribution made for the procurement of an item.

Demand

How much of a service or good that individuals are ready and financially capable of buying at several price points over a certain period.