Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory materials $10,000 Beginning inventory conversion 19,000 Direct materials 50,000 Direct labor 75,000 Applied overhead 37,248 Total costs to account for $191,248 Units to Account For Beginning work In process 5,000 Units started into production 20,000 Transferred out 19,000 PLEASE NOTE: For percent, use whole numbers and "%" (i.e. 25%). For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345). Units to Account For: Units ? ? ? ? ? ? Completion Percent: ? ? Units Accounted For: Material Units Conversion Units Total Units ? ? ? ? ? ? ? ? ? ? ? ?
1. Using the following terms, complete the production cost report shown below:
|
Ending work in |
Total costs to account for | Cost per equivalent unit |
| Units started into production |
Manufacturing |
Beginning work in process |
|
Total units accounted for |
Raw Materials Inventory |
Transferred in costs |
| Incurred during the period | Completed and transferred out |
Total costs accounted for |
| Transferred out costs |
Equivalent units |
Total units to account for |
Materials are added at the beginning of a production process, and ending work in process inventory is 30% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
|
Costs to Account For Beginning inventory materials $10,000 Beginning inventory conversion 19,000 Direct materials 50,000 Direct labor 75,000 Applied overhead 37,248 Total costs to account for $191,248 |
|
Units to Account For Beginning work In process 5,000 Units started into production 20,000 Transferred out 19,000 |
PLEASE NOTE: For percent, use whole numbers and "%" (i.e. 25%). For units, use commas as needed (i.e. 1,234). Costs per unit are rounded to two decimal places and shown with "$" and commas as needed (i.e. $1,234.56). All other dollar amounts are rounded to whole dollars and shown with "$" and commas as needed (i.e. $12,345).
| Units to Account For: | Units |
| ? | ? |
| ? | ? |
| ? | ? |
| Completion Percent: | ? | ? | |
| Units Accounted For: | Material Units | Conversion Units | Total Units |
| ? | ? | ? | ? |
| ? | ? |
? |
? |
| ? | ? | ? | ? |
| Costs to Account For: | Materials | Conversion | Total |
| ? | ? | ? | ? |
| ? | ? | ? |
? |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
| Costs Accounted For: | Materials | Conversion | Total |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
| ? | ? | ? | ? |
Trending now
This is a popular solution!
Step by step
Solved in 4 steps with 3 images
