Question
Badgersize Company has the following information for its Forming Department for the month of August: Work in Process Inventory, August 1: 20,000 units Direct materials:
Badgersize Company has the following information for its Forming Department for the month of August: |
Work in Process Inventory, August 1: 20,000 units | ||
Direct materials: 100% complete | $ | 80,000 |
Conversion: 20% complete | 24,000 | |
Balance in work in process, August 1 | $ | 104,000 |
Units started during August | 50,000 | |
Units completed and transferred in August | 60,000 | |
Work in process (70% complete), August 31 | ? | |
Costs charged to Work in Process in August | ||
Direct materials | $ | 150,000 |
Conversion costs: | ||
Direct labor | $ | 120,000 |
Overhead applied | 132,000 | |
Total conversion | $ | 252,000 |
Assume materials are added at the start of processing. |
Instructions
a. | Complete a production cost report for the Badgersize Company Forming Department for the month of August. |
Part I. Physical Flow Total Units Inputs: Beginning WIP ? Started ? Units to account for: ? Outputs: Units completed ? Ending WIP ? Units accounted for: ? Part II. Equivalent Units Consumed Direct Materials Conversion Costs Based on monthly input: Finish BWIP ? ? Start new units ? ? Equivalent units of input ? ? Based on monthly output: ? ? Transferred units ? ? EWIP units ? ? ? ? Equivalent units of output Part III. Cost Per Equivalent Unit Total Unit Cost Direct Materials Conversion Costs Input costs in August $ ? $ ? Divide by equivalent units, August ? ? Costs per equivalent unit, Aug. $ ? $ ? $ ? Part IV. Total Cost Assignment Total Costs Direct Materials Conversion Costs Costs to account for: Cost of beginning WIP $ ? Cost added during the period ? Total cost to account for $ ? Costs accounted for: Cost of goods transferred BWIP, August 1 $ ? $ ? $ ? To finish BWIP ? ? ? Units started and completed ? ? ? Total cost transferred $ ? $ ? $ ? Add ending WIP ? ? ? Total cost accounted for $ ? $ ? $ ?
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started