During October, McCourt Associates incurred total production costs of $82,600 for copyediting manuscripts and had the following equivalent units schedule:
Units completed 280
Units in EWIP × Fraction complete: 25 × 0.6 15
Equivalent units 295
Required:
1. Calculate the cost of copyediting one manuscript for October.
$fill in the blank 1 per manuscript
2. Assign costs to manuscripts completed and to EWIP and then do a cost reconciliation.
Manuscripts completed $fill in the blank 2
EWIP fill in the blank 3
Total assigned $fill in the blank 4
3. What if the costs assigned to units completed and EWIP total were calculated using a unit cost of $305? Calculate the total costs assigned.
$fill in the blank 5
What is the discrepancy between the costs assigned and the costs to account for?
$fill in the blank 6