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Exercise 16-17 The Cutting Department of Lasso Company has the following production and cost data for August. Production Costs 1. Started and completed 10,000 units.

Exercise 16-17

The Cutting Department of Lasso Company has the following production and cost data for August.

Production

Costs

1. Started and completed 10,000 units. Beginning work in process $0
2. Started 2,000 units that are 40% completed at August 31. Materials 45,000
Labor 13,600
Manufacturing overhead 16,100
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process. Lasso Company uses the FIFO method to compute equivalent units.
Determine the equivalent units of production for (1) materials and (2) conversion costs.

Materials

Conversion Costs

The equivalent units of production

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Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.)

Materials

Conversion Costs

Unit costs $

$

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Show the assignment of manufacturing costs to units transferred out and in work in process. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.)

Assignment of Costs

Transferred out

$

Work in process, August 31

Materials

$

Conversion costs

Total costs

$

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