Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single...
Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single processing department. The following information was available for the month of June. Direct materials $ 85,000 Direct labor 26,000 Manufacturing overhead applied 38,000 Total costs to account for in June $ 149,000 The amounts of work in process at the beginning and end of the month were immaterial and assigned no dollar value. During June, 13,250 units were completed, of which 10,000 were sold on account at $25 per unit. Complete a production cost report for Shamrock Industries for the month of June.
Homework Answers
Answer:
| Shemrock Industries | |||
| Production Cost Report for the m/o june | |||
| Part 1 Physical flow | Total Units | ||
| Inputs | |||
| Beginning WIP | 0 | ||
| Started | 13250 | ||
| Units to accounted for | 13250 | ||
| Output | |||
| Units completed | 13250 | ||
| Ending WIP | 0 | ||
| Units accounted for | 13250 | ||
| Direct Material | Conversion | ||
| Part 2 Equivalent units | |||
| Based on monthly input | |||
| Beginning WIP | 0 | 0 | |
| Units started | 13250 | 13250 | |
| Equivalent units of input | 13250 | 13250 | |
| Based on monthly output | |||
| Units completed | 13250 | 13250 | |
| Ending WIP | 0 | 0 | |
| Equivalent units of output | 13250 | 13250 | |
| Part 3 | |||
| Cost per Equivalent units | Total unit cost | Direct Material | Conversion |
| Input costs | $85000 | $64000 | |
| Divide by equivalent units | 13250 | 13250 | |
| Cost per equivalent units | $11.25 | $6.42 | $4.83 |
| Part 4 | |||
| Total cost assignment | Total unit cost | Direct Material | Conversion |
| Cost to account for | |||
| Cost of beginning WIP | $0 | ||
| Cost added during the period | $149000 | ||
| Total cost to account for | $149000 | ||
| Cost accounted for | |||
| Cost of goods transferred | |||
| Beginning WIP last period | $0 | $0 | $0 |
| Beginning WIP this period | $0 | $0 | $0 |
| Started and completed | $149000 | $85000 | $64000 |
| Total Cost transferred | $149000 | $85000 | $64000 |
| Add ending WIP | $0 | $0 | $0 |
| Total cost accounted for | $149000 | $85000 | $64000 |
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Shamrock Industries uses process costing. All of the company's
manufacturing activities take place in a single...
Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single...
Shamrock Industries uses process costing. All of the company's manufacturing activities take place in a single processing department. The following information was available for the month of June. Direct materials $ 82,000 Direct labor 29,000 Manufacturing overhead applied 38,000 Total costs to account for in June $ 149,000 The amounts of work in process at the beginning and end of the month were immaterial and assigned no dollar value. During June, 13,250 units were completed, of which 10,000 were sold...
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