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MANAGERIAL ACCOUNTING HANDOUT PROBLEM 5 Score Name Section Problem (10 points). The Huckleberry Company assembles cellular telephones in a one process operation. The company combines direct labor and manufacturing overhead into conversion costs. Data for the month of May are attached. 70,000 units were started into production during the month of May. REQUIRED: (1) (2) Using the attached forms, prepare a cost of production report for the month of May using the weighted average cost method. Round all costs per unit to five decimal places and all other dollar amounts to the nearest whole dollar. Using the attached forms, prepare a cost of production report for the month of May using the FIFO method. Round all costs per unit to five decimal places and all other dollar amounts to the nearest whole dollar. HUCKLEBERRY COMPANY DATA RELATED TO PROCESS COSTING SYSTEM FOR MANUFACTURING FOR MONTH OF MAY Beginning WIP (10,000 units): Direct materials (100% complete) $ 12,000 Conversion costs ( 75% complete) 14,000 Current Production: Direct materials $ 86,000 100,000 Conversion costs Ending WIP (12,000 units): Direct materials (100% complete) Conversion costs ( 40% complete) (1) HUCKLEBERRY COMPANY SCHEDULE OF PHYSICAL AND EQUIVALENT UNITS AVERAGE COST METHOD FOR MONTH OF MAY Equivalent Units Physical Direct Conversion Units Materials Costs Units To Account For: Beginning WIP Inventory Units Started During Period Total Units To Account For Units Accounted For: Units Completed During Period: From Beginning WIP Inventory Units Started and Completed During Period Total Units Completed During Period Units in Ending WIP Inventory Total Units Accounted For HUCKLEBERRY COMPANY UNIT COST ANALYSIS SCHEDULE--AVERAGE COST METHOD FOR MONTH OF MAY Direct Materials Conversion Costs Total Costs Costs To Account For: Costs From Beginning WIP Inventory Current Period Costs Total Costs To Account For Divided By Equivalent Units Cost Per Equivalent Unit HUCKLEBERRY COMPANY COST SUMMARY SCHEDULE--AVERAGE COST METHOD FOR MONTH OF MAY Direct Conversion Materials Costs Costs Accounted For: Costs From Beginning WIP Inventory Total Costs To Complete Beginning WIP Inventory: Direct Materials Conversion Costs Units Started and Completed During Period: Direct Materials Conversion Costs Total Cost of Units Completed and Transferred to Finished Goods Ending Work in Process Inventory: Direct Materials Conversion Costs Total Cost of Ending Work in Process Total Costs Accounted For (2) HUCKLEBERRY COMPANY SCHEDULE OF PHYSICAL AND EQUIVALENT UNITS FIFO COST METHOD FOR MONTH OF MAY Equivalen Physical Direct Units Materials 6/8 Costs Units To Account For: Beginning WIP Inventory Units Started During Period Total Units To Account For Units Accounted For: Units Completed During Period: From Beginning WIP Inventory Units Started and Completed During Period Total Units Completed During Period Units in Ending WIP Inventory Total Units Accounted For HUCKLEBERRY COMPANY UNIT COST ANALYSIS SCHEDULE--FIFO COST METHOD FOR MONTH OF MAY Direct Conversion Materials Costs Costs To Account For: Costs From Beginning WIP Inventory Current Period Costs Total Costs Total Costs To Account For Divided By Equivalent Units Cost Per Equivalent Unit HUCKLEBERRY COMPANY COST SUMMARY SCHEDULE--FIFO COST METHOD FOR MONTH OF MAY Direct Conversion Materials Costs Costs Accounted For: Costs From Beginning WIP Inventory Total Costs To Complete Beginning WIP Inventory: Direct Materials Conversion Costs Units Started and Completed During Period: Direct Materials Conversion Costs Total Cost of Units Completed and Transferred to Finished Goods Ending Work in Process Inventory: Direct Materials Conversion Costs Total Cost of Ending Work in Process Total Costs Accounted For