Weighted Average Method, Single-Department Analysis Millie Company produces a product that passes through an assembly process...
Weighted Average Method, Single-Department Analysis
Millie Company produces a product that passes through an assembly process and a finishing process. All manufacturing costs are added uniformly for both processes. The following information was obtained for the assembly department for June:
a. WIP, June 1, had 24,000 units (60% completed) and the following costs:
| Direct materials | $186,256 |
| Direct labor | 64,864 |
| Overhead applied | 34,400 |
b. During June, 70,000 units were completed and transferred to the finishing department, and the following costs were added to production:
| Direct materials | $267,880 |
| Direct labor | 253,000 |
| Overhead applied | 117,600 |
c. On June 30, there were 10,000 partially completed units in process. These units were 70% complete.
Required:
Prepare a production report for the assembly department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs.
| Millie Company | |
| Assembly Department Production Report | |
| For the Month of June (Weighted Average Method) | |
| Unit Information | |
| Units to account for: | |
| Units in beginning WIP | |
| Units started | |
| Total units to account for | |
| Units accounted for: | |
| Units | |
| Units completed | |
| Units in ending WIP | |
| Total units accounted for | |
| Equivalent units: | Units |
| Units completed | |
| Units in ending WIP | |
| Total equivalent units | |
| Cost Information | |
| Costs to account for: | |
| Dollars | |
| Costs in beginning WIP | $ |
| Costs added by department | |
| Total costs to account for | $ |
| Cost per equivalent unit | $ |
| Costs accounted for: | |
| Goods transferred out | $ |
| Ending WIP | |
| Total costs accounted for | $ |
Homework Answers
Prepare a production report for the assembly department for June using the weighted average method of costing. The report should disclose the physical flow of units, equivalent units, and unit costs and should track the disposition of manufacturing costs.
| Millie Company | |
| Assembly Department Production Report | |
| For the Month of June (Weighted Average Method) | |
| Unit Information | |
| Units to account for: | |
| Units in beginning WIP | 24000 |
| Units started | 56000 |
| Total units to account for | 80000 |
| Units accounted for: | |
| Units | |
| Units completed | 70000 |
| Units in ending WIP | 10000 |
| Total units accounted for | 80000 |
| Equivalent units: | Units |
| Units completed | 70000 |
| Units in ending WIP (10000*70%) | 7000 |
| Total equivalent units | 77000 |
| Cost Information | |
| Costs to account for: | |
| Dollars | |
| Costs in beginning WIP | $285520 |
| Costs added by department | 638480 |
| Total costs to account for | $924000 |
| Cost per equivalent unit | $12 |
| Costs accounted for: | |
| Goods transferred out | $840000 |
| Ending WIP | 84000 |
| Total costs accounted for | $924000 |
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