Question
4-1B Production Report Ritchie Company has two departments. Its first department (the Melting Department) shows the following data for the month of April: Work in
4-1B Production Report
Ritchie Company has two departments. Its first department (the Melting Department) shows the following data for the month of April:
Work in process, beginning: |
|
Units in process | 400 |
Stage of completion with respect to materials | 60% |
Stage of completion with respect to conversion | 85% |
Costs in the beginning inventory: |
|
Materials cost | $170 |
Labour cost | $160 |
Overhead cost | $300
|
|
|
Units started into production during the month | 1,100 |
Units completed and transferred out | 1,400
|
Costs added to production during the month: |
|
Materials cost | $1,300 |
Labour cost | $800 |
Overhead cost | $1,700
|
Work in process, ending: |
|
Units in process | ??? |
Stage of completion with respect to materials | 70% |
Stage of completion with respect to conversion | 80% |
Required:
Using the weighted average method, prepare a production cost report for the company.
Choose from below options to answer above:
Using your calculations from Steps 1 to 4 , complete the following questions about the T Account that results from this set of calculations: What is the opening balance (OB) ? What is the proper account name? How much was completed and transferred out (C+TO) for the period? What is the Closing (Ending) balance (CB)? Choose... Choose... 1,400 EU $2,500 debit 100 units MOH Clearing Account $4,800 credit $230 debit $230 credit Raw Materials Inventory $630 credit $4,200 debit Work in Process (WIP) Inventory $630 debit $4,200 credit 70 EU $3.00 / EUStep by Step Solution
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