Penny Worth Tiles is a specialized producer of ceramic tiles. Its production process involves highly skilled workers and top-quality ceramic crafters. Work in Process is relatively large because each tile is in process for up to three weeks because of art, mold work, and drying time. October began with 4,380 units (a unit is one ceramic tile) in process, on average 50 percent complete as to direct materials and 30 percent complete as to conversion costs; 6,600 units were started during the month, and ending Work in Process inventory consisted of 6,950 units that were on average 80 percent complete as to direct materials and 50 percent complete as to conversion costs.
Cost Information | Beginning Work in Process | Costs Added in October | ||||
---|---|---|---|---|---|---|
Direct material |
$177,800 | $416,780 | ||||
Direct labor |
170,000 | 1,023,295 | ||||
Manufacturing overhead |
45,700 | 119,410 |
(a)
Prepare a production cost report for the month of October.
Penny Worth Tiles, Inc-October |
|||
---|---|---|---|
select a reconcilation item Units in beginning work in processUnits in ending work in processUnits completedUnits started during October |
enter a dollar amount | ||
select a reconcilation item Units started during OctoberUnits in beginning work in processUnits in ending work in processUnits completed |
enter a dollar amount | ||
Units to account for |
enter a dollar amount |
||
select a reconcilation item Units in ending work in processUnits completedUnits in beginning work in processUnits started during October |
enter a dollar amount | ||
select a reconcilation item Units in beginning work in processUnits started during OctoberUnits completedUnits in ending work in process |
enter a dollar amount | ||
Units accounted for |
enter a dollar amount |
Cost per Equivalent Unit Calculation
Material |
Labor |
Overhead |
Total |
|
---|---|---|---|---|
Cost |
||||
Beginning work in process |
$enter a dollar amount |
$enter a dollar amount |
$enter a dollar amount |
$enter a dollar amount |
Cost incurred during October |
enter a dollar amount |
enter a dollar amount |
enter a dollar amount |
enter a dollar amount |
Total |
$enter a total amount |
$enter a total amount |
$enter a total amount |
$enter a total amount |
Units |
||||
Units completed |
enter an unit |
enter an unit |
enter an unit |
|
Equivalent units |
||||
Ending work in process |
enter an unit |
enter an unit |
enter an unit |
|
Total |
enter a total unit |
enter a total unit |
enter a total unit |
|
Cost per equivalent unit |
$enter a dollar amount |
$enter a dollar amount |
$enter a dollar amount |
$enter a dollar amount |
Cost Reconciliation |
||
---|---|---|
Total cost to account for |
$enter a dollar amount |
|
Cost of completed units |
$enter a dollar amount |
|
Cost of ending WIP |
||
select a reconcilation item OverheadLaborMaterial |
$enter a dollar amount |
|
select a reconcilation item OverheadMaterialLabor |
enter a dollar amount |
|
select a reconcilation item OverheadMaterialLabor |
enter a dollar amount |
|
enter a total amount of 3 previous amounts |
||
Total cost accounted for |
$enter a total amount for this statement |
Penny Worth Tiles, Inc-October | ||||
Unit Reconciliation | ||||
Units in Beginning work in Process | 4380 | |||
Units started during October | 6600 | |||
Units to account for | 10980 | |||
Units Completed | 4030 | |||
Units in Ending work in Process | 6950 | |||
Units accounted for | 10980 | |||
Cost per Equivalent unit | ||||
Material | Labor | Overhead | Total | |
Cost | ||||
Beginning work in process | $ 177,800 | $ 170,000 | $ 45,700 | $ 393,500 |
Cost incurred during October | $ 416,780 | $ 1,023,295 | $ 119,410 | $ 1,559,485 |
Total Cost to account for | $ 594,580 | $ 1,193,295 | $ 165,110 | $ 1,952,985 |
Units | ||||
Units completed | 4030 | 4030 | 4030 | |
Equivalent units | ||||
Ending work in process | 5560 | 3475 | 3475 | |
Total | 9590 | 7505 | 7505 | |
Cost per equivalent unit | $ 62.00 | $ 159.00 | $ 22.00 | $ 243.00 |
Cost Reconciliation | ||||
Total cost to account for | $ 1,952,985 | |||
Cost of completed units | $ 979,290 | |||
Cost of ending WIP | ||||
Material | $ 344,720 | |||
Labor | $ 552,525 | |||
Overhead | $ 76,450 | |||
$ 973,695 | ||||
Total cost accounted for | $ 1,952,985 |
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