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P8-1 - Cost of Production of Sprint Corporation
Data - As given
| Department | |||
| X | Y | Z | |
| Units Started | 4,000.0 | 3,000.0 | 2,800.0 |
| Units in WIP, end | 1,000.0 | 200.0 | 800.0 |
| Finished Goods | 3,000.0 | 2,800.0 | 2,000.0 |
| WIP Status | 20% | 50% | 25% |
Calculation of Equivalent units Produced -
| Finished | 3,000.0 | 2,800.0 | 2,000.0 |
| WIP = Equivalaent to FG (WIP Units x percentage completion) | 200.0 | 100.0 | 200.0 |
| Total | 3,200.0 | 2,900.0 | 2,200.0 |
Cost of Material Per unit is calculated by dividing Total Material cost by Total Units processed.
But cost per unit of Labour and overheads is calculated by dividing Total Cost by equivalent units produced.
| Material Cost | 64,000.0 | 34,800.0 | 22,000.0 |
| Total Units | 4,000.0 | 3,000.0 | 2,800.0 |
| Rate per Unit | 16.0 | 11.6 | 7.9 |
| Labour | 38,400.0 | 29,000.0 | 13,200.0 |
| Total Units | 3,200.0 | 2,900.0 | 2,200.0 |
| Rate per Unit | 12.0 | 10.0 | 6.0 |
| Overheads | 51,200.0 | 23,200.0 | 8,800.0 |
| Total Units | 3,200.0 | 2,900.0 | 2,200.0 |
| Rate per Unit | 16.0 | 8.0 | 4.0 |
Cost of Production of Each Department -
| Department | |||
| Department | X | Y | Z |
| Finished Goods | 3,000.0 | 2,800.0 | 2,000.0 |
| Rate per Units | |||
| Material | 16.0 | 11.6 | 7.9 |
| Labour | 12.0 | 10.0 | 6.0 |
| Overheads | 16.0 | 8.0 | 4.0 |
| Cost of Production | |||
| Material | 48,000 | 32,480 | 15,714 |
| Labour | 36,000 | 28,000 | 12,000 |
| Overheads | 48,000 | 22,400 | 8,000 |
| 1,32,000 | 82,880 | 35,714 | |
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