Loanstar had 100 units in beginning inventory before starting 1,000 units and completing 800 units. The beginning work in process inventory consisted of $2,000 in materials and $6,000 in conversion costs before $10,100 of materials and $11,100 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 50% complete with regard to conversion costs.

Use the above information to complete a production cost report. Enter all amount as positive values.

Production Cost Report
Work in process completion percent	100%	50%
	Material Units	Conversion Units	Total Units
Completed and transferred out	fill in the blank 9718d303f014fd1_1	fill in the blank 9718d303f014fd1_2	fill in the blank 9718d303f014fd1_3
Ending work in process	fill in the blank 9718d303f014fd1_4	fill in the blank 9718d303f014fd1_5	fill in the blank 9718d303f014fd1_6
Total units to account for	fill in the blank 9718d303f014fd1_7	fill in the blank 9718d303f014fd1_8	fill in the blank 9718d303f014fd1_9
Costs to account for	Materials	Conversion	Total
Beginning work in process	$fill in the blank 9718d303f014fd1_10	$fill in the blank 9718d303f014fd1_11	$fill in the blank 9718d303f014fd1_12
Incurred during the period	fill in the blank 9718d303f014fd1_13	fill in the blank 9718d303f014fd1_14	fill in the blank 9718d303f014fd1_15
Total costs to account for	$fill in the blank 9718d303f014fd1_16	$fill in the blank 9718d303f014fd1_17	$fill in the blank 9718d303f014fd1_18
Equivalent units	fill in the blank 9718d303f014fd1_19	fill in the blank 9718d303f014fd1_20	fill in the blank 9718d303f014fd1_21
Cost per equivalent unit for department	$fill in the blank 9718d303f014fd1_22	$fill in the blank 9718d303f014fd1_23	$fill in the blank 9718d303f014fd1_24

Transferred-out costs		$fill in the blank 9718d303f014fd1_25
End work in process: materials	$fill in the blank 9718d303f014fd1_26
End work in process: conversion	fill in the blank 9718d303f014fd1_27
End work in process: total		fill in the blank 9718d303f014fd1_28
Total costs accounted for		$fill in the blank 9718d303f014fd1_29

Feedback

Add the beginning units to the units started during the month to determine units to account for. Subtract the completed and transferred out amount to determine the number ending work in process. From there, apply the percentages for both materials and conversion to the ending inventory amount. The total units to account for is the completed and transferred out amount plus the ending work in process amounts.

Remember that costs assigned to materials are only material-related costs. Costs assign to conversion is the other 'product' costs involved in the manufacturing process.

To determine the 'costs to account for' amounts, add beginning work in process to the costs incurred during the period.

Divide the equivalent units into the total costs to account for to determine the cost per unit for both materials and conversion.

The transferred out costs is determined by multiplying the units transferred out times the sum of the unit costs (materials and conversion). Ending work in process for both materials and conversion are determined by multiplying the per unit amounts times the ending work in process units.

Prepare the journal entry to record the transfer of inventory from the manufacturing department to the finished goods department. If an amount box does not require an entry, leave it blank.

		fill in the blank 105e0e03f027036_2	fill in the blank 105e0e03f027036_3
		fill in the blank 105e0e03f027036_5	fill in the blank 105e0e03f027036_6