Question
Production Report Cutting Grinding Units in process, May 1 ............................ 10,000 Started during the month .......................... 20,000 Received from prior department .................... 15,000 Finished and
Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cProduction Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.vost of production summary for each department.Production Report Cutting Grinding
Units in process, May 1 ............................ 10,000
Started during the month .......................... 20,000
Received from prior department .................... 15,000
Finished and transferred ........................... 10,000
Finished and on hand .............................. 5,000
Units in process, May 31 ........................... 15,000
Stage of completion ............................... 1/3
Production Costs Work in process, May 1:
Costs in Cutting: ................................. $50,000
Materials ...................................... $5,000
Labor ......................................... 6,450
Factory overhead .............................. 3,550
Production Costs Cost in Grinding:
Materials ...................................... 5,000
Labor ......................................... 5,500
Factory overhead .............................. 3,500
Costs incurred during the month:
Materials ...................................... 40,000
Labor ......................................... 44,000
Factory overhead .............................. 37,000
Total .............................................. $185,000
Required: Prepare a cost of production summary for each department.
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Modern Analytical Auditing Practical Guidance For Auditors And Accountants
Authors: Thomas Mckee
1st Edition
0899303544, 978-0899303543
