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Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows. Units Direct Materials Conversion Percent Complete Percent
Fast Company produces its product through two processing departments: Cutting and Assembly. Information for the Cutting department follows.
Units | Direct Materials | Conversion | |
---|---|---|---|
Percent Complete | Percent Complete | ||
Beginning work in process inventory | 40,500 | ||
Units started this period | 161,000 | ||
Units completed and transferred out | 171,000 | ||
Ending work in process inventory | 30,500 | 100% | 80% |
Beginning work in process inventory | ||
---|---|---|
Direct materials | $ 23,400 | |
Conversion | 81,900 | $ 105,300 |
Costs added this period | ||
Direct materials | 157,950 | |
Conversion | 914,640 | 1,072,590 |
Total costs to account for | $ 1,177,890 |
Required:
- Prepare the Cutting departments production cost report for October using the weighted average method.
- Prepare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly.
Prepare the Cutting department's production cost report for October using the weighted average method. Note: Round "Cost per EUP" to 2 decimal places. FAST COMPANY-Cutting Department Production Cost Report - Weighted Average Method For Month Ended October 31 Unit reconciliation: \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|l|}{ Units to account for: } \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{6}{|l|}{ Units to account for } \\ \hline \multicolumn{6}{|l|}{ Total units accounted for: } \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{6}{|l|}{ Total units accounted for } \\ \hline \multicolumn{6}{|l|}{ Equivalent units of production (EUP) } \\ \hline & & \multicolumn{2}{|c|}{ Direct Materials } & \multicolumn{2}{|c|}{ Conversion } \\ \hline & Units & % Complete & EUP & % Complete & EUP \\ \hline & & & & & \\ \hline & & & & & \\ \hline \multicolumn{6}{|l|}{ Equivalent Units of Production } \\ \hline Cost per equivalent unit of production & & & Direct Materials & & Conversion \\ \hline & & & & & \\ \hline & & & & & \\ \hline Total costs & & Costs & & Costs & \\ \hline Equivalent units of production & & EUP & & EUP & \\ \hline \multicolumn{3}{|l|}{ Cost per equivalent unit of production } & 0 & & 0 \\ \hline \multicolumn{6}{|l|}{ Cost Assignment } \\ \hline Completed and transferred out & EUP & Cost per EUP & \multicolumn{2}{|c|}{ Total cost } & \\ \hline \multicolumn{6}{|l|}{ Direct materials } \\ \hline \multicolumn{6}{|l|}{ Conversion } \\ \hline \multicolumn{6}{|l|}{ Ending work in process } \\ \hline Direct materials & & 0.00 & 0 & & \\ \hline Conversion & & $0.00 & 0 & & \\ \hline Total costs accounted for & & & & & \\ \hline \end{tabular} Required 1 Required 2 repare the October 31 journal entry to transfer the cost of completed units from cutting to Assembly. Journal entry worksheet Record the transfer of goods to next department. Note: Enter debits before credits
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