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Walton Ski Company manufactures snow skis

Management

Walton Ski Company manufactures snow skis. During the most recent accounting period, the company's finishing department transferred 4,100 sets of skis to finished goods. At the end of the accounting period, 460 sets of skis were estimated to be 60 percent complete. Total product costs for the finishing department amounted to $262,560.Required

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1) Computation of Cost per Equivalent Unit:    
Units completed and transferred (a) 4100  
Ending Inventory (b) 276 =460*60%
Equivalent Units (a/b) 4376  
     
Total product costs (a) 262560  
Equivalent Units (b) 4376  
Cost per Equivalent Unit (a/b) 60  
     
2) Computation of Cost allocation to Finished Goods:    
Units completed and transferred (a) 4100  
Cost per equivalent unit (b) 60  
Allocation to finished goods (a*b) 246000  
     
3) Computation of Cost allocation to Ending Inventory:    
Ending inventory Units (a) 276  
Cost per equivalent unit (b) 60  
Allocation to ending inventory (a*b) 16560  

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