Question
Current Attempt in Progress Building a kayak using the composite method is a very labor-intensive process. In the Fabrication Department, the kayaks go through several
Current Attempt in Progress
Building a kayak using the composite method is a very labor-intensive process. In the Fabrication Department, the kayaks go through several steps as employees carefully place layers of Kevlar in a mold and then use resin to fuse together the layers. The excess resin is removed with a vacuum process, and the upper shell and lower shell are removed from the molds and assembled. The seat, hatch, and other components are added in the Finishing Department. At the beginning of April, Current Designs had 32 kayaks in process in the Fabrication Department. Rick Thrune, the production manager, estimated that about 80% of the materials costs had been added to these boats, which were about 50% complete with respect to the conversion costs. The cost of this inventory had been calculated to be $8,210 in materials and $8,490 in conversion costs. During April, 71 boats were started into production. At the end of the month, the 35 kayaks in the ending inventory were 20% complete as to materials and 40% complete as to conversion costs. A review of the accounting records for April showed that materials with a cost of $15,790 had been requisitioned by the Fabrication Department and that the conversion costs for the month were $43,170. Complete a production cost report for April 2022 for the Fabrication Department using the weighted-average method. Direct materials and conversion costs are incurred uniformly throughout the process.
CURRENT DESIGNS Fabrication Department Production Cost Report choose the accounting period April 30, 2022For the Year Ended April 30, 2022For the Month Ended April 30, 2022 | ||||||||
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Equivalent Units | ||||||||
Quantities | Physical Units | Materials | Conversion Costs | Total | ||||
Units to be accounted for | ||||||||
Work in process, April 1 | enter a number of units | |||||||
Started into production | enter a number of units | |||||||
Total units | enter a total number of units | |||||||
Units accounted for | ||||||||
Completed and transferred out | enter a number of units | enter a number of units | enter a number of units | |||||
Work in process, April 30 | enter a number of units | enter a number of units | enter a number of units | |||||
Total units | enter a total number of units | enter a total number of units | enter a total number of units | |||||
Costs | Materials | Conversion Costs | Total | |||||
Unit costs | ||||||||
Total cost | $enter a dollar amount | $enter a dollar amount | $enter a total amount | |||||
Equivalent units | enter a number of units | enter a number of units | ||||||
Unit costs | $enter a dollar amount | $enter a dollar amount | $enter a total amount | |||||
Cost Reconciliation Schedule | ||||||||
Costs to be accounted for | ||||||||
Work in process, April 1 | $enter a dollar amount | |||||||
Started into production | enter a dollar amount | |||||||
Total costs | $enter a total amount | |||||||
Costs accounted for | ||||||||
Completed and transferred out | $enter a dollar amount | |||||||
Work in process, April 30 | ||||||||
Materials | $enter a dollar amount | |||||||
Conversion costs | enter a dollar amount | enter a subtotal of the two previous amounts | ||||||
Total costs | $enter a total amount for this schedule |
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