P4-3A. Product Cost Report-Weight Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive...
P4-3A. Product Cost Report-Weight Average Method Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:
Cost of beginning inventory
Direct materials……………………………………………………………………………………………… $9,800
Conversion costs…………………………………………………………………………………………….. $16,480
Costs added in Department 1:
Direct materials………………………………………………………………………………………………$295, 120
Direct labor……………………………………………………………………………………………………..$298, 550
Manufacturing overhead………………………………………………………………………………….$203,130 $796,800
Department 1 handled the following units during May:
Units in process, May 1, 2019……………………………………………………………………………………………..……..2,000
Units started in Department 1…………………………………………………………………………………………………….40,000
Units transferred to Department 2……………………………………………………………………………………………..39,000
Units in process, May 31, 2019………………………………………………………………………………………………..…..3,000
On Average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing.
Required
Prepare the product cost report for Department 1 for May.
Homework Answers
| Computation of equivalent units: | ||||||||
| Equivalent units | ||||||||
| Units | % work done | Direct materials | % work done | Conversion costs | ||||
| Completed / Transferred | 39000 | 100% | 39000 | 100% | 39000 | |||
| (39000*100%) | (39000*100%) | |||||||
| Ending inventory | 3000 | 100% | 3000 | 60% | 1800 | |||
| (3000*100%) | (3000*60%) | |||||||
| Total | 42000 | 42000 | 40800 | |||||
| Product cost report | ||||||||
| Total | Direct materials | Conversion costs | ||||||
| Beginning inventory | 26280 | 9800 | 16480 | |||||
| Current | 796800 | 295120 | 501680 | |||||
| (298550+203130) | ||||||||
| Total costs to account for | a | 823080 | 304920 | 518160 | ||||
| Total equivalent units | b | 42000 | 40800 | |||||
| Cost per equivalent unit | a/b | 7.26 | 12.7 | |||||
| Completed / Transferred: | ||||||||
| Direct materials | (39000*7.26) | 283140 | ||||||
| Conversion costs | (39000*12.7) | 495300 | ||||||
| Cost of goods manufactured | 778440 | |||||||
| Ending inventory: | ||||||||
| Direct materials | (3000*7.26) | 21780 | ||||||
| Conversion costs | (1800*12.7) | 22860 | ||||||
| Costs of Ending inventory | 44640 | |||||||
| Total costs allocated | 823080 | |||||||
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manufacturing overhead. At month-end, 9,000 units had been finished
and transferred out. The remaining units were finished with respect
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