Please give positive ratings so I can keep answering. Thanks! |
|
||||||||||||
Cost of Production Report | Weighted Average Method | |||||||||||
Whole Units | Equivalent Units | |||||||||||
Material | Conversion | |||||||||||
Physical Flow Schedule | Materials received in Dec- | |||||||||||
Units charged to production: | Completed and transferred out | 38,400.00 | ||||||||||
Inventory in process on Dec 1 | 7,200.00 | Add: closing | 3,600.00 | |||||||||
Direct materials received | 34,800.00 | See Note A | Less: Opening | 7,200.00 | ||||||||
Total units accounted | 42,000.00 | Materials received in Dec- | 34,800.00 | Note A | ||||||||
Equivalent Units | Started and completed in Dec | |||||||||||
Inventory in Process, Dec 1 | 7,200.00 | 7,200.00 | 7,200.00 | F | Completed and transferred out | 38,400.00 | ||||||
Started and completed in Dec | 31,200.00 | 31,200.00 | 31,200.00 | See Note B | Less: Opening | 7,200.00 | ||||||
Goods finished in Dec | 38,400.00 | 38,400.00 | 38,400.00 | G= F+B | Started and completed in Dec | 31,200.00 | Note B | |||||
Inventory in Process, Dec 31 (85% completed) |
3,600.00 | 3,600.00 | 3,060.00 | H | ||||||||
Equivalent Units | 42,000.00 | 42,000.00 | 41,460.00 | C | ||||||||
COSTS | Total | |||||||||||
Costs per equivalent unit | ||||||||||||
Total costs for Dec | 186,000.00 | 317,600.00 | 503,600.00 | D | This cost included opening WIP cost also. So for Material its $ (144000+42000) and for conversion its $ (50400+14400+192800+60000). | |||||||
Total equivalent units | 42,000.00 | 41,460.00 | See C | |||||||||
Unit costs | 4.43 | 7.66 | E=D/C | |||||||||
Valuation of Inventories & Cost reconciliation | ||||||||||||
Inventory in Process, Dec 1 | 42,000.00 | 64,800.00 | 106,800.00 | This is opening WIP cost. So for Material its $ 42000 and for conversion its $ (50400+14400). | ||||||||
Costs incurred in Dec | 144,000.00 | 252,800.00 | 396,800.00 | This is cost incurred in Dec. So for Material its $ 144000 and for conversion its $ (192800+60000). | ||||||||
Total costs accounted for | 186,000.00 | 317,600.00 | 503,600.00 | |||||||||
Costs allocated to completed and partially completed units | ||||||||||||
To complete Inventory in Process, Dec 1 | 31,885.71 | 55,154.85 | 87,040.56 | I= F*E | ||||||||
Started and completed in Dec | 138,171.43 | 239,004.34 | 377,175.77 | J= B*E | ||||||||
Finished goods in Dec | 170,057.14 | 294,159.19 | 464,216.33 | K=I+J | ||||||||
Inventory in Process, Dec 31 (85% completed) |
15,942.86 | 23,440.81 | 39,383.67 | L=H*E | ||||||||
Total costs assigned | 503,600.00 | M=K+L | ||||||||||
Note: in Weighted Average method total cost (production+ Opening WIP) is allocated among equivalent units. | ||||||||||||
Answer 1 | Material | Conversion | ||||||||||
Equivalent Units of production | 42,000.00 | 41,460.00 | See Note C | |||||||||
Answer 2 | ||||||||||||
Ending work in process | 3,600.00 | 3,060.00 | See Note H | |||||||||
Ending work in process ($) | 15,942.86 | 23,440.81 | See Note L | |||||||||
for December Information for the Production Department are! WAP Dec. 1 Units 7,200 (45% complete) DM + 42,000 DL $5...
Eclypso Inc. manufactures a product that passes through two processes: mixing and molding. All manufacturing costs are added uniformly in the mixing department. Information for the mixing department for October is as follows: Work in process, October 1: No. of units (45% complete) 7,200 Direct materials $42,000 Direct labor $50,400 Overhead $14,400 During October, 38,400 units were completed and transferred to the molding department. The following costs were incurred by the mixing department during October: Direct materials $144,000 Direct labor...