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21 September, 06:50

Velasco Productions has provided the following information for the year: Direct Labor $ 153 comma 000 Beginning Work-in-Process Inventory 63 comma 000 Direct Materials Used 271 comma 000 Ending Work-in-Process Inventory 53 comma 350 Manufacturing Overhead 133 comma 000 During the year, Velasco produced 74 comma 860 units of product. Calculate the unit product cost. (Round your answer to the nearest cent.)

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  1. 21 September, 07:04
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    7.6 unit product cost

    Explanation:

    Beginning Work-in-Process Inventory 63000

    Add: Direct Materials Used 271000

    Add: Direct Labor 153000

    Add: Manufacturing Overhead 133000

    Total cost of work in process 620000

    Less: Ending Work-in-Process Inventory 53350

    Cost of Goods Manufactured 566650

    Divide by Units produced 74860

    Unit Product cost 7.57

    Note: Direct labor and the direct materials that have been are to be added and the manufacturing cost is to be added while calculating the total cost of work in progress. Cost of goods manufactured is to be divided by the units produced to get the unit product cost.
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