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Process Costing Production Report (Weighted Average) Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Units
Process Costing Production Report (Weighted Average)
Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production.
Units | Materials Cost | Conversion Cost | |
---|---|---|---|
Inventory on September 1 | 950 | $ 5,550 | $ 2,354 |
% Complete | 60% | 30% | |
Units Started | 3,150 | ||
Costs Added in September | $ 28,940 | $ 8,156 | |
Inventory on September 30 | 1,200 | ||
% Complete | 80% | 60% |
Required:
Use the information above to complete a Process Costing Production Report under the Weighed Average Assumption.
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Ok I need the formulas on how to correctly enter the information into the cells. Just entering the answer will be wrong. Can you please include computing the formulas in the answer when completing this problem thank you.
Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. | |||||
Units | Materials Cost | Conversion Cost | |||
Inventory on September 1 | 950 | $5,550 | $2,354 | ||
% Complete | 60% | 30% | |||
Units Started | 3,150 | ||||
Costs Added in September | $28,940 | $8,156 | |||
Inventory on September 30 | 1,200 | ||||
% Complete | 80% | 60% | |||
Required: | |||||
Use the information above to complete a Process Costing Production Report under the Weighed Average Assumption. | |||||
Step 1: Account for all Units | |||||
Units | |||||
Beginning Inventory | |||||
Units Started | |||||
Units to Account for | |||||
Ending Inventory | |||||
Units Completed and Transferred | |||||
Units to Account for | |||||
Step 2: Compute the Equivalent Units of Production | |||||
Materials | Conversion | ||||
Units Completed and Transferred | |||||
% Complete | 100% | 100% | |||
Equivalent Units | |||||
Ending Inventory | |||||
% Complete | |||||
Equivalent Units | |||||
Total Equivalent Units of Production | |||||
Step 3: Compute the Cost per Equivalent Unit of Production | |||||
Materials | Conversion | ||||
Beginning Inventory Cost | |||||
Costs Added | |||||
Total Cost to Account for | |||||
Total Equivalent Units of Production | |||||
Cost Per Equivalent Unit | |||||
Total Cost per Equivalent Unit | |||||
Step 4: Reconciling Costs | |||||
Materials | Conversion | Total | |||
Beginning Inventory Costs | |||||
Costs Added | |||||
Total Cost to Account for | |||||
Cost of Units Completed and Transferred | |||||
Cost of Units in Ending Inventory | |||||
Total Cost to Account for | |||||
Students: The scratchpad area is for you to do any additional work you need to solve this question or can be used to show your work. | |||||
Nothing in this area will be graded, but it will be submitted with your assignment. | |||||
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