Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Following is information about the assembly department of a company: 1. There were 200,100 units in work in process on August 1. With respect to
Following is information about the assembly department of a company:
1. | There were 200,100 units in work in process on August 1. With respect to units transferred in, 100% were complete and costs incurred amounted to $126,500. With respect to conversion, 90% of the units were complete and costs incurred amounted to $52,800. | |
2. | 505,000 units were transferred in from the cutting department during August. | |
3. | 567,600 units were completed during August and transferred to the finished goods inventory. | |
4. | During August, costs incurred were as follows: $522,192 for units transferred in from cutting, $1,050,060 for direct materials used, and $146,355 for conversion costs. | |
5. | There are 137,500 units in work in process on August 31. With respect to the units transferred in, 100% are complete and 70% are complete with respect to conversion. |
Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to 0 decimal places, e.g. 5,275.)
Transferred in | Direct Materials | Conversion costs | Totals | ||||||||
Units to be accounted for: | -------- | ||||||||||
Work in process, Aug. 1 | -------- | ||||||||||
Units transferred in | ____________ | -------- | |||||||||
____________ | |||||||||||
Units accounted for: | -------- | ||||||||||
Transferred out | -------- | ||||||||||
Work in process, Aug. 31 | ____________ | _____________ | _______________ | -------- | |||||||
____________ | _____________ | _______________ | |||||||||
Costs in August | $ | $ | $ | $ | |||||||
Equivalent units | |||||||||||
Unit cost | $ | $ | $ | $ | |||||||
Costs to account for: | |||||||||||
Work in process, Aug. 1 | -------------------- | ---------------------- | ------------------------- | $ | |||||||
Started into production | -------------------- | ---------------------- | ------------------------- | ||||||||
$ | |||||||||||
Costs accounted for | |||||||||||
Transferred out | -------------------- | ---------------------- | ------------------------- | $ | |||||||
Work in process, Aug. 31 | -------------------- | ---------------------- | ------------------------- | ||||||||
Transferred in | -------------------- | ---------------------- | ------------------------- | $ | |||||||
Conversion costs | -------------------- | ---------------------- | ------------------------- | ||||||||
Total costs |
Please Clearly fill out the table.
Prepare a production cost report. (Round unit costs to 7 decimal places, e.g. 0.1287345 and all other answers to 0 decimal places, e.g. 5,275.) Transferred in Direct Materials Units to be accounted for: Work in process, Aug. 1 200,100 Units transferred in 505,000 705100 Units accounted for: Transferred out 567,600 567,600 Work in process, Aug. 31 137,500 705100 567600 Costs in August $ $ $ Equivalent units Unit cost $ $ $ $ Costs to account for: Work in process, Aug. 1 Started into production Costs accounted for Transferred out Work in process, Aug. 31 Transferred in Conversion costs Total costs Transferred in Direct Materials Conversion costs Totals 567,600 567,600 567,600 137,500 96250 705100 567600 663850 $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $ $
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