Question
Production and cost data for the Molding Department during June 2020 are presented below. Production Data June Beginning work in process units 0 Units started
Production and cost data for the Molding Department during June 2020 are presented below.
Production Data | June | ||
Beginning work in process units | 0 | ||
Units started into production | 24,860 | ||
Ending work in process units | 2,260 | ||
Percent completeending inventory | 40 | % |
Cost Data | ||
Materials | $223,740 | |
Labor | 60,568 | |
Overhead | 127,464 | |
Total | $411,772 |
Prepare a schedule showing physical units of production.
.
Determine the equivalent units of production for materials and conversion costs.
.
Compute the unit costs of production.
.
Determine the costs to be assigned to the units transferred out and in process for June.
.
Prepare a production cost report for the Molding Department for the month of June.
SWIFTY COMPANY Molding Department Production Cost Report For the Month Ended June 30, 2020 | ||||||||
Equivalent Units | ||||||||
Quantities | Physical Units | Materials | Conversion Costs | |||||
Units to be accounted for | ||||||||
Work in process, June 1 | ||||||||
Started into production | ||||||||
Total units | ||||||||
Units accounted for | ||||||||
Transferred out | ||||||||
Work in process, June 30 | ||||||||
Total units | ||||||||
Costs | Materials | Conversion Costs | Total | |||||
Unit costs | ||||||||
Total Costs | $ | $ | $ | |||||
Equivalent units | ||||||||
Unit costs | $ | $ | $ | |||||
Costs to be accounted for | ||||||||
Work in process, June 1 | $ | |||||||
Started into production | ||||||||
Total costs | $ | |||||||
Cost Reconciliation Schedule | ||||||||
Costs accounted for | ||||||||
Transferred out | $ | |||||||
Work in process, June 30 | ||||||||
Materials | $ | |||||||
Conversion costs | ||||||||
Total costs | $ |
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