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Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all

Crane Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production

Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles.

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period for both the hi

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

Crane COMPANY
Production Cost Report—Bicycles
For the Month Ended March 31





Equivalent Units

Quantities


Physical
Units



Materials


Conversion
Costs

Units to be accounted for







Work in process, March 1







Started into production







Total units














Units accounted for







Completed and transferred out







Work in process, March 1







Started and completed







Work in process, March 31







Total units















Costs



Materials


Conversion
Costs



Total

Unit costs







Costs in March


$


$


$

Equivalent units







Unit costs


$


$


$








Costs to be accounted for







Work in process, March 1




$



Started into production







Total costs




$










Cost Reconciliation Schedule







Costs accounted for







Transferred out







Work in process, March 1


$





Conversion costs to complete beginning inventory







Started and completed




$



Work in process, March 31







Materials







Conversion costs







Total costs




$
 
 
 

Crane Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Crane Company uses the FIFO method to compute equivalent units. Production and cost data for the Assembly Department for March are as follows. Production Data-Bicycles Work in process units, March 1 Units started into production Work in process units, March 31 Cost Data-Bicycles Work in process units, March 1 Costs added during March Direct materials Direct labor Manufacturing overhead Production Data-Tricycles Work in process units, March 1 Units started into production Work in process units, March 31 Cost Data-Tricycles Work in process units, March 1 Costs added during March Direct materials Direct labor Manufacturing overhead Units 190 1,350 310 $19,430 49,950 26,400 30,094 Units 140 990 60 $6,220 30,690 14,300 20,980 Percentage Complete as to Conversion Costs 80 % 40 % Percentage Complete as to Conversion Costs 75 % 25 %

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