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Cost of Production Report For the year ended December 31, 2020 Plastic Lenses Total Conversion Costs Beginning Balance Units XXX XXX XXX XXX Total Beginning Costs Transferred in XXX Started and completed XXX XXX XXX XXX Costs Transferred to Finished Goods XXX Ending Costs in Work-In-Process XXX XXX XXX XXX Total Costs XXX Costs to Account For Beginning Work-In Process Direct Materials Direct Labor Applied Factory Overhead Total Costs Direct material, plastic-frames is added 100% at the beginning of the process. Lenses are added 100% at the end of the process. Conversion costs are added equally throughout the process. Conversion costs are 35% complete for ending inventory in work in process and the lenses are 0% complete as to ending inventory. At the beginning of the accounting period, Sally's Sunglasses estimated that production would be 20,000 sunglasses. Our predetermined factory overhead rate is based on an estimated FOH of $40,000 and the production of 20,000 sunglasses. This information is to be used to determine the application rate for factory overhead. Estimated and actual direct labor costs totaled $28,050. Actual factory overhead costs totaled $36,000 The following information is available concerning direct materials. Direct Materials-Plastic Beginning Inventory O pounds @ $7.00 per pound Purchase of Plastic 10,000 pounds @ $7.00 per pound Ending Inventory 0 pounds @ $7.00 per pound Each pair of sunglasses contains a half pound of plastic for the frames. The company starts 20,000 sunglasses for the period. Direct Materials-Lenses Beginning Inventory O sheets of polarized plastic @ 8.31 per sheet Purchases 40,000 sheets of polarized plastic @ 8.31 per sheet Ending Inventory 4,000 sheets of polarized plastic @ 8.31 per sheet 1 sheet of polarized plastic makes one lens. The Work-in-Process account has the following information Beginning Work-in-Process contains 0 frames Ending Work-in-Process contains 2,000 frames The Finished Goods account has the following Information Beginning Finished Goods contains 5,400 sunglasses Ending Finished Goods contains 5,900 sunglasses The selling price is $50.00 for each pair of sunglasses. Selling and Administrative Costs totaled $180,000 and the tax rate is 30%. Cost of Production Report For the year ended December 31, 2020 Plastic Lenses Total Conversion Costs Beginning Balance Units XXX XXX XXX XXX Total Beginning Costs Transferred in XXX Started and completed XXX XXX XXX XXX Costs Transferred to Finished Goods XXX Ending Costs in Work-In-Process XXX XXX XXX XXX Total Costs XXX Costs to Account For Beginning Work-In Process Direct Materials Direct Labor Applied Factory Overhead Total Costs Direct material, plastic-frames is added 100% at the beginning of the process. Lenses are added 100% at the end of the process. Conversion costs are added equally throughout the process. Conversion costs are 35% complete for ending inventory in work in process and the lenses are 0% complete as to ending inventory. At the beginning of the accounting period, Sally's Sunglasses estimated that production would be 20,000 sunglasses. Our predetermined factory overhead rate is based on an estimated FOH of $40,000 and the production of 20,000 sunglasses. This information is to be used to determine the application rate for factory overhead. Estimated and actual direct labor costs totaled $28,050. Actual factory overhead costs totaled $36,000 The following information is available concerning direct materials. Direct Materials-Plastic Beginning Inventory O pounds @ $7.00 per pound Purchase of Plastic 10,000 pounds @ $7.00 per pound Ending Inventory 0 pounds @ $7.00 per pound Each pair of sunglasses contains a half pound of plastic for the frames. The company starts 20,000 sunglasses for the period. Direct Materials-Lenses Beginning Inventory O sheets of polarized plastic @ 8.31 per sheet Purchases 40,000 sheets of polarized plastic @ 8.31 per sheet Ending Inventory 4,000 sheets of polarized plastic @ 8.31 per sheet 1 sheet of polarized plastic makes one lens. The Work-in-Process account has the following information Beginning Work-in-Process contains 0 frames Ending Work-in-Process contains 2,000 frames The Finished Goods account has the following Information Beginning Finished Goods contains 5,400 sunglasses Ending Finished Goods contains 5,900 sunglasses The selling price is $50.00 for each pair of sunglasses. Selling and Administrative Costs totaled $180,000 and the tax rate is 30%
