Accounting problem


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 $59,000Units:  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:Calculate the equivalent units.Compute the cost per unit.Price the inventories (Reconciliation)In what industries might one find process costing being used?Define an equivalent unit.

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