Question

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Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,286,480 as follows. Work in process, November 1 Materials Conversion costs Materials added $79,000 48,800 $127,800 1,593,320 225,700 339,660 Labor Overhead Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 662,200 units were started into production, and 24,000 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

Answer 1

Equivalent units Cost per unit Materials Conversion Costs 696,800 682,400 $ 2.40 $ 0.90 $ 2,220,240 Costs accounted for Transferred out Work in process, November 30 Materials Conversion costs Total costs $ 57,600 $ 8,640$ $ 66,240 2,286,480

А B с D E 1 RIVERA COMPANY 2 Assembly Department 3 Production Cost Report 4 For the Month Ended November 30, 2020 5 Equivalent Units 6 Quantities Physical units Materials Conversion costs 7 Units to be accounted for 8 Work in process, November 1 34,600 9 Started into production 662,200 10 Total units 696,800 11 12 Units accounted for 13 Transferred out 672,800 672,800 672,800 14 Work in process, November 30 24,000 24,000 9,600 15 Total units 696,800 696,800 682,400 16 17 Costs Materials Conversion costs Total 18 Unit costs 19 Total Costs $ 1,672,320 $ 614,160 $ 2,286,480 20 Equivalent units 696,800 682,400 21 Unit costs $ 2.40 $ 0.90$ 3.30

$ 127,800 $ 2,158,680 $ 2,286,480 22 23 Costs to be accounted for 24 Work in process, November 1 25 Started into production 26 Total costs 27 28 Cost Reconciliation Schedule 29 Costs accounted for 30 Transferred out 31 Work in process, November 30 32 Materials 33 Conversion costs 34 Total costs $ 2,220,240 $ $ 57,600 8,640 $ 66,240 $ 2,286,480

E w NP А B D 1 RIVERA COMPANY 2 Assembly Department Production Cost Report 4 For the Month Ended November 30, 2020 5 Equivalent Units 6 Quantities Physical units Materials Conversion costs 7 Units to be accounted for 8 Work in process, November 1 34600 9 Started into production 662200 10 Total units =+B8+B9 11 12 Units accounted for 13 Transferred out =+B15-B14 =+B13*100% =+B13*100% 14 Work in process, November 30 24000 =+B14*100% =+B14*40% 15 Total units =+B10 =+C13+C14 =+D13+D14 16 17 Costs Materials Conversion costs Total 18 Unit costs 19 Total Costs =79000+1593320 -48800+225700+339660 =+C19+D19 20 Equivalent units =+C15 =+D15 21 Unit costs =+C19/020 =+D19/D20 =+C21+D21

127800 1=1593320+225700+339660 =+E24+E25 22 23 Costs to be accounted for 24 Work in process, November 1 25 Started into production 26 Total costs 27 28 Cost Reconciliation Schedule 29 Costs accounted for 30 Transferred out 31 Work in process, November 30 32 Materials 33 Conversion costs 34 Total costs =+B13*E21 =+C14*C21 =+D14*D21 =+D32+D33 =+E30+E33