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Hello! If someone could help me with the Production Cost Report I would greatly appreciate it! Oriole Industries Inc. manufactures dorm furniture in separate processes.
Hello! If someone could help me with the Production Cost Report I would greatly appreciate it!
Oriole Industries Inc. manufactures dorm furniture in separate processes. In each process, materials are added at the beginning, and conversion costs are incurred uniformly. Production and cost data for the first process in making a product are as follows. Cutting Department Production Data-July T12-Tables Work in process units, July 1 O Units started into production 22,000 Work in process units, July 31 3,300 Work in process percent complete as to conversion, July 31 60% Cost Data-July Work in process, July 1 $0 Direct materials used in July 418,000 Direct labor incurred in July 257,840 Manufacturing overhead assigned in July 114,400 Total $790,240 (a 1) Your answer is correct. Compute the physical units of production. T12 Tables Units to be accounted for 22000 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (a2) > Your answer is correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs (a 1) Your answer is correct. Compute the physical units of production. T12 Tables Units to be accounted for 22000 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (a 2) Your answer is correct. Compute equivalent units of production for materials and for conversion costs. Materials Conversion Costs Total equivalent units 22000 20680 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (a3) Your answer is correct. Determine the unit costs of production for July. Materials Conversion Costs Total Costs Unit costs-T12 Tables $ 19 $ 18 $ 37 e Textbook and Media Attempts: 1 of 3 used Using multiple attempts will impact your score. 10% score reduction after attempt 2 (24) Your answer is correct. Show the assignment of costs to units completed and transferred out and to work in process for July. T12 Tables Costs accounted for: Completed and transferred out $ 691900 Work in process Materials $ 62700 Conversion costs 35640 98340 . Total costs $ 790240 (b) Prepare the production cost report for July 2022. ORIOLE INDUSTRIES INC. Cutting Department Production Cost Report For the Month Ended July 31, 2022 Equivalent Units Physical Units Conversion Costs Quantities Materials Units to be accounted for Work in process, July 1 0 Started into production 22000 Total units 22000 Units accounted for Completed and transferred out 18700 18700 18700 Work in process, July 31 3300 3300 1980 Total units 22000 22000 20680 Conversion Costs Costs Materials Unit costs Total Costs $ 418000 $ 37240 $ Equivalent units 22000 20680 Unit costs $ 19 $ 18 $ Cost Reconciliation Schedule Costs to be accounted for Total units 22000 22000 20680 Conversion Costs Costs Materials Unit costs Total Costs $ 418000 $ 37240 $ Equivalent units 22000 20680 Unit costs $ 19 $ 18 $ Cost Reconciliation Schedule Costs to be accounted for Work in $ [ process, July 1 U Started into production Total costs $ Costs accounted for Completed and transferred out $ $ Work in process, July 31 Materials $ 62700 Conversion costs 35640 Total costs $ e Textbook and Media Save for Later Last saved 7 minutes ago. Attempts: 0 of 3 used Submit Answer Saved work will be auto-submitted on the due date. Auto- submission can take up to 10 minutes. Using multiple attempts will impact your score. 10% score reduction after attempt 2Step by Step Solution
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