Massey Corporation uses a process cost system and the weighted-average cost flow assumption Production begins in the Fabricating Department where materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. On March 1, the beginning work in process inventory consisted of the following Units in Beginning Work In Process Direct Materials In Beginning Work In Process Conversion Costs in Beginning Work In Process During March, the following occurred Materials added Conversion costs incurred Units completed and transferred out in March Units in ending work in process March 31 20,000 $145,000 $30,000 $305,000 $120,000 $50,000 25,000 (40% complete) Answer the following questions and show the computations that support your answers (you may find a production report helpful). The equivalent units of production for materials in the Fabricating Department for the month of March are 75000 The equivalent units of production for conversion costs in the Fabricating Department for the month of March are 60000 The cost per equivalent unit for Materials is $ 6 per unit The cost per equivalent unit for Conversion Costs is $2.5 per unit The TOTAL costs assigned to units completed and transferred out during March are $ 425000 The TOTAL costs assigned to the ending work in process inventory on March 31 are $175000 units. units
