Homework Answers
Solution:
| Austin Company | |||
| Cost of Production Report-Department A | |||
| For the Month Ended December 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, Dec 1 | 12000 | ||
| Received from Material store room | 14000 | ||
| Total units accounted for by Dept. A | 26000 | ||
| Units to be assigned costs: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, Dec 1 | 12000 | 0 | 4800 |
| Started and completed in December | 9000 | 9000 | 9000 |
| Transferred to finished goods in December | 21000 | 9000 | 13800 |
| Inventory in process, December 31 | 5000 | 5000 | 2000 |
| Total units to be assigned costs | 26000 | 14000 | 15800 |
| Cost Information | |||
| Cost per equivalent unit: | |||
| Direct Materials | Conversion | ||
| Total costs for December in Department A | $106,400.00 | $70,310.00 | |
| Total equivalent units | 14000 | 15800 | |
| Cost per equivalent unit | $7.60 | $4.45 | |
| Costs assigned to production: | |||
| Direct Materials | Conversion | Total | |
| Inventory in process, Dec 1 | $140,400.00 | ||
| Costs incurred in December | $176,710.00 | ||
| Total costs accounted for by the Dept A | $317,110.00 | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, December 1 balance | $140,400.00 | ||
| To complete inventory in process, December 1 | $0.00 | $21,360.00 | $21,360.00 |
| Started and completed in December | $68,400.00 | $40,050.00 | $108,450.00 |
| Transferred to finished goods in December | $270,210.00 | ||
| Inventory in process, December 31 | $38,000.00 | $8,900.00 | $46,900.00 |
| Total costs assigned by the Dept A | $317,110.00 | ||
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Austin Comandatures a product called Aster in a three-process series. Al materials are introduced at the beginning...
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at...
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow: Units Completion Cost Work in process inventory: December 1 December 31 60% $140,400 12,000 5,000 14,000 40% Started in December: Direct materials cost Conversion cost Completed in December 106,400 70,310 21,000 Prepare Austin's...
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at...
Austin Co. manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
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Austin Co. manufactures a product called Aster in a three-process serles. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow Units Completion Cost Work in process inventory December 1 12,000 60% $140,400 December 31 5,000 40% Started in December 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 Prepare Austin's...
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through the Sifting and Packaging departments, emerging as packaged
refined flour.
The balance in the account Work in Process-Sifting Department
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(900 units, 3/5 completed):
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$1,845
Conversion (900 × 3/5 × $0.40)
216
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Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow: Units Completion Cost Work in process inventory: December 1 December 31 60% $140,400 12,000 5,000 14,000 40% Started in December: Direct materials cost Conversion cost Completed in December 106,400 70,310 21,000 Prepare Austin's...
Austin Co. manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
Austin Co. manufactures a product called Aster in a three-process serles. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow Units Completion Cost Work in process inventory December 1 12,000 60% $140,400 December 31 5,000 40% Started in December 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 Prepare Austin's...
Austin Company manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first- first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow: Units Completion Cost 60% 12,000 5,000 14,000 $140,400 7 Work in process inventory: December 1 December 31 Started in December Direct materials cost Conversion cost Completed in December 40% 106,400 70,310 ? 21,000...
Cost of Production Report: Average Cost Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is partial work in process account of the Roasting Department at December 31: ACCOUNT Work in Process-Hosting Department ACCOUNT NO. Balance Date Item Debit Credit - Debit Credit Dec. 1 Bal, 14,30 , 30% completed 31 Direct materials, 247.400 units 31 Direct labor...
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White Diamond Flour Company manufactures flour by a series of
three processes, beginning with wheat grain being introduced in the
Milling Department. From the Milling Department, the materials pass
through the Sifting and Packaging departments, emerging as packaged
refined flour.
The balance in the account Work in Process-Sifting Department
was as follows on July 1:
Work in Process-Sifting Department
(900 units, 3/5 completed):
Direct materials (900 × $2.05)
$1,845
Conversion (900 × 3/5 × $0.40)
216
$2,061
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