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ACCT 2113 PRINCIPLES OF ACCOUNTING II CHAPTER 3 TEST INSTRUCTIONS Process Cost Problem The inventory at May 1 and the costs charged to Work in Process--Department B during May for Star Company are as follows: 1,500 units, 75% completed ..$ 15,200 From Department A, 8,000 units 64,500 Direct labor ...... .............. 30,000 Factory overhead ....................... 19,420 During May, 1,500 units in process on May 1 were completed, and of the 8,000 units entering the department, all were completed except 1,250 units which were 25% completed. Charges to Work-in-ProcessDepartment B for June are as follows: From Department A, 8,400 units $71,420 Direct labor ... 36,000 Factory overhead ... 19,970 During June, the units in process at the beginning of the month were completed, and of the 8,400 units entering the department, all were completed except 800 units which were 80% completed. Instructions 1. Enter the balance as of May 1 in a four-column account for Work in Process Department B. Record the debits and the credits in the account for May. Construct a cost of production report, and present computations for determining (a) equivalent units of production for materials and conversion, (b) equivalent costs per unit, (C) cost of goods finished, differentiating between units started in the prior period and units started and finished in May, and (d) work in process inventory. 2. Provide the same information for June by recording the June transactions in the four-column work in process account. Construct a cost of production report, and present the June computations (a through d) listed in (1)