Question

Calculator Print item Loanstar had 50 units in beginning inventory before starting 1.000 units and completing 750 units. The beginning work in process twentory consisted of $3,000 in materials and $4,000 in conversion costs before $6,450 of materials and $11,660 of conversion costs were added during the month. The ending WIP Inventory was 100% complete with regard to materials and 40% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for departments Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Total costs accounted for Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department. If an amount box does not require an Previous Check My Work Email instructor Save and Exit Submit Assige

Answer 1

Answer:

Production cost report
Work in proces completion percent	100%	40%
	Materials Units	Conversion Units	Total units
Completed and transferred out	750	750	750
Ending work in process [300 x 100%; 300 x 40%]	300	120	300
Total units to account for	1,050	870	1,050
Costs to account for	Materials Units	Conversion Units	Total
Beginning work in process	$3,000	$4,000	$7,000
Incurred during the period	$6,450	$11,660	$18,110
Total costs to account for	$9,450	$15,660	$25,110
÷ Equivalent units	1,050	870
Cost per equivalent unit for department	$9.00	$18.00	$27.00
Costs accounted for:
Transferred-out Costs [750 x $27.00]		$20,250
End work in process: materials [300 x $9.00]	$2,700
End work in process: Conversion [120 x $18.00]	$2,160
End work in process: Total		$4,860
Total costs accounted for		$25,110

Journal Entry:

Account title and Explanation	Debit	Credit
Work-in process inventory	$20,250
Finished goods inventory		$20,250
[To record transfer of inventory from the manufacturing
department to finished goods department]

Calculations:

Beginning work in process inventory	50
Units started	1,000
Units completed	-750
Ending work in process inventory	300