Question

$ 75,000 $807,750 Use the weighted average cost (WAC) method with the following data: Work in process, May 1, 8,000 units, 75% completed Materials added during May from Weaving Department, 105,000 units Direct labor for May Factory overhead for May Total production costs to account for Goods finished during May (includes goods in process, May 1), 104,000 units Work in process, May 31, 9,000 units, 10% completed 275,200 100,850 1,183,800 $1,258,800 ? ? Prepare a cost of production report for the Cutting Department of Oriental Carpet Company for May. Oriental Carpet Company Cost of Production Report-Cutting Department For the Month Ended May 31 Units Units Equivalent Units of Production Units charged to production: Inventory in process, May 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned cost: Transferred to finished goods in May Inventory in process, May 31

Answer 1

х Process Costing - Microsoft Excel (Product Activation Failed) File Home Insert Formulas Data Review View ♡ ? OT X Page Layout foc E27 А B E F H 1 с D ORIENTAL CARPET COMPANY WORKINGS AS PER WEIGHTED AVERAGE METHOD CUTTING DEPARTMENT PRODUCTION COST REPORT 2 3 4 5 6 7 Units Reconciliation Units to account for Beginning Work in Process Units started this period This units to account for Total units accounted for Completed and transferred out (Bal Fig) Ending Work in Process Total units accounted for 8,000 105,000 113,000 9 10 11 12 104,000 9,000 113,000 13 14 15 Equivalent Units of Production (EUP) 16 Units % COMPLETED EUP 17 18 Units Accounted For Transferred Out Ending Work in Process 19 104,000 9,000 113,000 100% 10% 100% 104,000.00 900.00 104,900.00 20 Total Units to be assigned cost 21 22 UNITS COST 23 24 25 26 Cost of Beginning Work in Process Cost incurred in Current Year Total Costs / Equivalent Units Costs per Equivalent Unit of Production Costs EUP $ 75,000.00 $ 1,183,800.00 $ 1,258,800.00 104,900.00 $ 12.00 27 28 29 KI Sheet29 Sheet30 Sheet31 Sheet32 Sheet33 Sheet34 Sheet35 Sheet36 Sheet37 Sheet38 BOI 100% 1:55 AM 25-Sep-20

Process Costing - Microsoft Excel (Product Activation Failed) х File Home Insert Formulas Data Review View V O x Page Layout fe E29 A B C D E F H 29 30 TOTAL COSTS ACCOUNTED FOR: 31 32 33 Inventory in Process, May 1 Cost incurred in May Total Costs accounted for by the cutting Department $ 75,000.00 $1,183,800.00 $1,258,800.00 34 35 36 37 38 Cost allocated to completed & partially completed units : Transferred to Finished Goods in May Inventory in Process, May 31 Total Cost assigned by the cutting Department $1,248,000.00 10,800.00 $ 1,258,800.00 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 KM Sheet29 Sheet30 Sheet31 Sheet32 Sheet33 Sheet34 Sheet35 Sheet36 Sheet37 Sheet38 Ready BO! 100% - 1:56 AM 25-Sep-20

Formula Sheet :

х ♡ O X F XI - Process Costing - Microsoft Excel (Product Activation Failed) File Home Insert Page Layout Formulas Data Review View A1 for A B C D E 1 ORIENTAL CARPET COMPANY 2 WORKINGS AS PER WEIGHTED AVERAGE METHOD 3 CUTTING DEPARTMENT PRODUCTION COST REPORT 4 5 Units Reconciliation 6 Units to account for 7 Beginning Work in Process 8000 8 Units started this period 105000 9 This units to account for =SUM(C7:08) 10 Total units accounted for 11 Completed and transferred out (Bal Fig) =+C13-C12 12 Ending Work in Process 9000 13 Total units accounted for =+C9 14 15 Equivalent Units of Production (EUP) 16 Units % COMPLETED EUP 17 Units Accounted For 18 Transferred Out =+C11 1 =+C18*D18 19 Ending Work in Process =+C12 0.1 =+C19*D19 20 Total Units to be assigned cost =SUM(C18:019) 1 =SUM(E18:E19) 21 22 UNITS COST 23 24 Cost of Beginning Work in Process =+C32 25 Cost incurred in Current Year =+C33 26 Total Costs Costs =SUM(D24:D25) 27 / Equivalent Units EUP =+E20 28 Costs per Equivalent Unit of Production =+ROUND (D26/D27,2) 29 KM Sheet29 Sheet30 Sheet31 Sheet32 Sheet33 Sheet34 Sheet35 Sheet36 Sheet37 Sheet38 Ready BO 100% - 1:57 AM 25-Sep-20

х 95 Process Costing - Microsoft Excel (Product Activation Failed) File Home Insert Page Layout Formulas Data Review View O X A29 А. с D E F F 29 11 30 TOTAL COSTS ACCOUNTED FOR: 31 32 33 Inventory in Process, May 1 Cost incurred in May Total Costs accounted for by the cutting Department 75000 =807750+275200+100850 =SUM(C32:033) 34 35 36 37 38 Cost allocated to completed & partially completed units : Transferred to Finished Goods in May Inventory in Process, May 31 Total Cost assigned by the cutting Department =+E18*D28 =+E19*D28 =SUM(C37:038) 39 40 41 42 43 44 45 46 47 48 49 50 51 52 53 54 55 56 57 KI Sheet29 Sheet30 Sheet31 Sheet32 Sheet33 Sheet34 Sheet35 Sheet36 Sheet37 Sheet38 Ready BO 100% 1:57 AM 25-Sep-20

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