Question

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can somebody please help me understand how to do this correctly? I would be so grateful!

Answer 1

Solution:

Karachi Carpet Company
Cost of Production Report-Roasting Department
For the Month Ended January 31
Units Information
Units charged to production:
Inventory in process, January 1	14800
Received from Weaving department	228000
Total units accounted for by the Cutting Department	242800
	Whole Units	Equivalent Units
		Direct Materials	Conversion
Units to be assigned costs:
Inventory in process, January 1 (60% completed)	14800	0	3700
Started and completed in January (12700-400)	215800	215800	215800
Transferred to Finished goods in January	230600	215800	219500
Inventory in process, January 31 (60% completed)	12200	12200	3050
Total units to be assigned costs	242800	228000	222550
COSTS Information
		Direct Materials	Conversion
Cost per equivalent unit:
Total costs for January in Cutting Department		$23,59,800	$8,01,180
/Total equivalent units		228000	222550
Cost per equivalent unit		$10.35	$3.60
	Direct Materials	Conversion	Total
Costs assigned to production:
Inventory in process, january 1			$1,92,030
Costs incurred in January (2359800+801180)			$31,60,980
Total costs accounted for by the Cutting Department			$33,53,010
Costs allocated to completed and partially completed units:
Inventory in process, January 1-balance			$1,92,030
To complete inventory in process, August 1 (Equi. Units*cost per Equi. Unit)	$0	$13,320	$13,320
Cost of completed January 1 work in process			$2,05,350
Started and completed in January	$22,33,530	$7,76,880	$30,10,410
Transferred to Finished Goods in january			$32,15,760
Inventory in process, January 31	$1,26,270	$10,980	$1,37,250
Total costs assigned by the Cutting Department			$33,53,010