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cost accounting

Use the data below to make July Production Report for Toystore Inc. using Weighted Average method of Process costing? Do all the steps, show all the manufacturing cost flows. Finally, using the data, make Cost of Goods Manufactured Statement, Cost of Goods Sold Statement and Income Statement.

 












Data





Amount











WIP, July 01 - 6,000 units







Direct Material: 100% complete, at cost from June

 $          15,000



Conversion: 40% complete, at cost from June


 $          10,368



Balance in WIP, July 01




 $          25,368











Units started during July




9000

units










Units completed and transferred out in July


12000

units










WIP, July 31





3000

units


Direct Material: 100% complete






Conversion: 20% complete















Costs incurred during July:







Direct Material





 $          27,000











Conversion Costs:








Direct Labor





 $          25,800



Applied Manufacturing Overhead



 $          38,700



Total Conversion Costs




 $          64,500











Predetermined Overhead rate: 150% of Direct Labor   Cost



 

Finished Goods Inventory, July 01                                                                                                          $2,000

Finished Goods Inventory, July 31                                                                                                           $1,900

Selling Price






                    $15


Units Sold on Cash





12015

units

    Selling and Administrative Expenses                                                                                                     $40,000           

    Income Tax Expense                                                                                                                                    $5,408


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