Solution:
Austin Company | |||
Cost of Production Report-Department A | |||
For the Month Ended December 31 | |||
Unit Information | |||
Units charged to production: | |||
Inventory in process, Dec 1 | 12000 | ||
Received from Material store room | 14000 | ||
Total units accounted for by Dept. A | 26000 | ||
Units to be assigned costs: | |||
Equivalent Units | |||
Whole Units | Direct Materials | Conversion | |
Inventory in process, Dec 1 | 12000 | 0 | 4800 |
Started and completed in December | 9000 | 9000 | 9000 |
Transferred to finished goods in December | 21000 | 9000 | 13800 |
Inventory in process, December 31 | 5000 | 5000 | 2000 |
Total units to be assigned costs | 26000 | 14000 | 15800 |
Cost Information | |||
Cost per equivalent unit: | |||
Direct Materials | Conversion | ||
Total costs for December in Department A | $106,400.00 | $70,310.00 | |
Total equivalent units | 14000 | 15800 | |
Cost per equivalent unit | $7.60 | $4.45 | |
Costs assigned to production: | |||
Direct Materials | Conversion | Total | |
Inventory in process, Dec 1 | $140,400.00 | ||
Costs incurred in December | $176,710.00 | ||
Total costs accounted for by the Dept A | $317,110.00 | ||
Costs allocated to completed and partially completed units: | |||
Inventory in process, December 1 balance | $140,400.00 | ||
To complete inventory in process, December 1 | $0.00 | $21,360.00 | $21,360.00 |
Started and completed in December | $68,400.00 | $40,050.00 | $108,450.00 |
Transferred to finished goods in December | $270,210.00 | ||
Inventory in process, December 31 | $38,000.00 | $8,900.00 | $46,900.00 |
Total costs assigned by the Dept A | $317,110.00 |
Austin Co. manufectures a product caled Aster in a three-precess seres All materials are intreduced et...
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow: Units Completion Cost Work in process inventory: December 1 December 31 60% $140,400 12,000 5,000 14,000 40% Started in December: Direct materials cost Conversion cost Completed in December 106,400 70,310 21,000 Prepare Austin's...
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow: Units Completion Cost Work in process inventory: December 1 12,000 60% $140,400 December 31 5,000 40% ? Started in December: 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 ?...
Austin Co. manufactures a product called Aster in a three-process serles. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow Units Completion Cost Work in process inventory December 1 12,000 60% $140,400 December 31 5,000 40% Started in December 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 Prepare Austin's...
Austin Company manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first- first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow: Units Completion Cost 60% 12,000 5,000 14,000 $140,400 7 Work in process inventory: December 1 December 31 Started in December Direct materials cost Conversion cost Completed in December 40% 106,400 70,310 ? 21,000...
Austin Comandatures a product called Aster in a three-process series. Al materials are introduced at the beginning of the first process Austin uses the f (Department A) for the month of December follow i rst out method of inventory costing unit and cost data for the first proces Units Completion Cost $140,400 Work in process inventory: December 1 December 31 Started in December Direct materials cost Conversion cost Completed in December 12,000 5,000 14,000 106,400 70,310 21,000 Prepare Austin's Department...