Question

I need help on the last section :(

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Percentage Complete 80 % Production Data-Bicycles Work in process units, March 1 Units started into production Work in process units, March 31 Units 210 1,270 300 40 % Cost Data-Bicycles Work in process units, March 1 Direct materials Direct labor Manufacturing overhead $19,290 50.800 26,300 29,168 Percentage Complete 75 % Production Data-Tricycles Work in process units, March 1 Units started into production Work in process units, March 31 Units 120 990 60 25 % Cost Data-Tricycles Work in process units, March 1 Direct materials Direct labor Manufacturing overhead $6,300 30,690 14,500 19,625 Your answer is correct. Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. Materials Conversion Costs Equivalent Units of bicycles 1270 1132 Equivalent Units of tricycles 990 975 e Textbook and Media

Answer 1

Process Costing - Microsoft Excel (Product Activation Failed) х File Home Insert Page Layout Formulas Data Review View V ? A27 A B B с D E F G H 1 2 OWEN COMPANY BICYCLE PRODUCTION COST REPORT FOR THE MONTH ENDED MARCH 31 3 4 5 FOR MATERIALS Equivalent Units FOR CONVERSION COST % Completed Equivalent Units 6 % Completed 7 Statement of Equivalent Unit Units Introduced Beginning Inventory Total Units Introduced (Bal Fig) Units to Account for Further Processed & Transferred From Beginning Inventory From Current Year Input (1,480 - 210 - 300) Ending Inventory Total Units Accounted for Units 210 1,270 1,480 9 10 11 12 210 970 300 1,480 0% 100% 100% 100% 20% 100% 40% 100% 970.00 300.00 1,270.00 42.00 970.00 120.00 1, 132.00 13 14 15 16 Calculation of Cost per Unit : 17 18 $ Cost in March / No. of Equivalent Units MATERIALS 50,800.00 1,270.00 40.00 19 20 Cost per unit $ 21 Costs to be Accounted For : 22 23 Work in Process, March 1 Started into Production Total Costs to be Accounted For 24 $ $ $ CONVERSION TOTAL $ 55,468.00 $ 106,268.00 1,132.00 $ 49.00 $ 89.00 Cost Reconciliation Schedule : Bicycles Transferred Out : Work in Process, March 1 $ 19, 290.00 Conversion Cost to Complete Be: $ 2,058.00 Started and Completed $ 86,330.00 $ 107,678.00 Work in Process, March 31 Materials $ 12,000.00 Conversion Cost $ 5,880.00 $ 17,880.00 Total Costs to be Accounted For $ 125,558.00 19,290.00 106,268.00 125,558.00 25 26 27 28 29 KI Sheet27 Sheet28 Sheet29 Sheet30 Sheet31 Sheet32 Sheet33 Sheet34 Sheet35 Sheet36 Ready BOU 100% - 5:37 AM 23-Sep-20

For any queries please comment

If you are satisfied with the solution, please click the LIKE THUMB