Use the weighted average cost (WAC) method with the following data:
Work in process, May 1, 8,000 units, 75% completed | $ 75,000 | |
Materials added during May from Weaving Department, 105,000 units | $807,750 | |
Direct labor for May | 275,200 | |
Factory overhead for May | 100,850 | 1,183,800 |
Total production costs to account for | $1,258,800 | |
Goods finished during May (includes goods in process, May 1), 104,000 units | ? | |
Work in process, May 31, 9,000 units, 10% completed | ? |
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 | ||
Total units to be assigned cost | ||
Costs | ||
Unit costs: | ||
Total costs for May in Cutting Department | $ | |
Total equivalent units | / | |
Cost per equivalent unit | $ | |
Costs assigned to production: | ||
Inventory in process, May 1 | $ | |
Costs incurred in May | ||
Total costs accounted for by the Cutting Department | $ | |
Costs allocated to completed and partially completed units: | ||
Transferred to finished goods in May | $ | |
Inventory in process, May 31 | ||
Total costs assigned by the Cutting Department | $ |
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