Swinn Company manufactures bicycles. Materials are added at the
beginning of the production process, and conversion costs are
incurred uniformly. Production and cost data for the month of May
are as follows.
Percent Production Data—Bicycles Units Complete Work in process
units, May 1 500 80% Units started in production 2,000 Work in
process units, May 31 800 40%
Cost Data—Bicycles Work in process, May 1 Materials $15,000
Conversion costs 18,000 $33,000 Direct materials 50,000 Direct
labor 19,020 Manufacturing overhead 33,680
Instructions (a) Calculate the following. (1) The equivalent units
of production for materials and conversion. (2) The unit costs of
production for materials and conversion costs. (3) The assignment
of costs to units transferred out and in process at the end of the
accounting period. (b) Prepare a production cost report for the
month of May for the bicycles.
Solution using Weighted average method
Material | Conversion | |
Equivalent Units of Production | 3,500 | 3,020 |
.
Material | Conversion | |
Cost per equivalent Unit | $ 18.57 | $ 23.41 |
.
Material | Conversion | Total | |
Ending Inventory | $ 14,857 | $ 7,491 | $ 22,349 |
Units Completed and transferred | $ 50,143 | $ 63,209 | $ 113,351 |
.
Cost Reconciliation | |
Costs to be accounted for: | |
Beginning Wip cost | $ 33,000 |
Cost incurred during period | $ 102,700 |
Total cost to be accounted for | $ 135,700 |
Costs accounted for as follows: | |
Cost of Units Transferred Out | $ 113,351 |
Cost of Ending Wip | $ 22,349 |
Total cost accounted for | $ 135,700 |
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion...
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. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 200 80 % Units started into production 1,440 Work in process units, March 31 300 40 % Cost Data—Bicycles Work in process...
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. Units 210 Percentage Complete 80 % Production Data-Bicycles Work in process units, March 1 Units started into production Work in process units, March 31 1.270 300 40 % Cost Data-Bicycles Work in process...
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. 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...
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Percent Complete Production Data-Basketballs Units Work in process units, July 1 550 60 % Units started into production 1,400 Work in process units, July 31 600 40 % Cost Data-Basketballs Work in process, July 1 Materials $750 Conversion costs 610 $1,360 Direct materials 2,370 Direct labor 654...
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. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 200 80 % Units started into production 1,000 Work in process units, March 31 300 40 % Cost Data—Bicycles Work in process...
Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Percent Complete 60% Units 500 1,000 600 40% Production Data-Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials Conversion costs Direct materials Direct labor Manufacturing overhead $750 600 $1,350 2.400 1.580...
Problem 16-05A Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Production Data—Basketballs Units Percent Complete Work in process units, July 1 500 60 % Units started into production 1,000 Work in process units, July 31 600 40 % Cost Data—Basketballs Work in process, July 1 Materials $750 Conversion costs 600 $1,350 Direct materials 2,400 Direct...
P16.5A (LO 3, 4) Polk Company manufactures basketballs. Materials are added at the beginning of the production process and conversion costs are incurred uniformly. Production and cost data for the month of July 2020 are as follows. Determine equivalent units and unit costs and assign costs. Percentage Complete 60% Units 500 1,000 600 40% Production Data—Basketballs Work in process units, July 1 Units started into production Work in process units, July 31 Cost Data-Basketballs Work in process, July 1 Materials...
A Company manufactures small boats. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout the process. Data for April follows: Production Data Units Percent Complete Units in process, April 1 1000 60% Units started into production 4000 Units in process, April 30 1500 20% Cost Data Work in process, April 1: Costs added: Materials $25,500 Materials $90,000 Labour 3,000 Labour 12,000 Manufacturing overhead 6,000 Manufacturing overhead 18,900 Required: Using the weighted average method,...
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...