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managerial accounting

The Champaign Company assembles cellular telephones in a one process operation. Champaign combines direct labor and manufacturing overhead into conversion costs. Data for the month of July are provided below. CHAMPAIGN COMPANY UNIT AND COST INFORMATION FOR PRODUCTION USING PROCESS COSTING FOR MONTH OF JULY Dollars Beginning WIP (50,000 units): Direct Materials (100% complete) 340,000 Conversion Costs ( 75% complete) 275,000 Current Production: Direct Materials Conversion Costs 900,000 1,900,000 Ending WIP (10,000 units): Direct Materials (100% complete) Conversion Costs ( 40% complete) 40,000 units were started into production during the month of July. REQUIRED: (1) Using the attached schedules, prepare a cost of production report for the month of July using the average cost method. Round all costs per equivalent unit to five decimal places and all other dollar amounts to the nearest whole dollar. Using the attached schedules, prepare a cost of production report for the month of July using the FIFO method. Round all costs per equivalent unit to five decimal places and all other dollar amounts to the nearest whole dollar. CHAMPAIGN COMPANY SCHEDULE OF PHYSICAL AND EQUIVALENT UNITS--AVERAGE COST FOR MONTH OF JULY Equivalent Units Physical Direct Conversion Units Materials Costs Units To Account For: Beginning WIP Inventory Units Started During Period Total Units To Account For Units Accounted For: Units Completed During Period: From Beginning WIP Inventory Units Started and Completed During Period Total Units Completed During Period Units in Ending WIP Inventory Total Units Accounted For Total Costs CHAMPAIGN COMPANY UNIT COST ANALYSIS SCHEDULE--AVERAGE COST FOR MONTH OF JULY Direct Conversion Materials Costs Costs To Account For: Costs From Beginning WIP Inventory Current Period Costs Total Costs To Account For Divided By Equivalent Units Cost Per Equivalent Unit CHAMPAIGN COMPANY COST SUMMARY SCHEDULE-AVERAGE COST FOR MONTH OF JULY Direct Conversion Materials Costs Costs Accounted For: Costs From Beginning WIP Inventory Total Costs To Complete Beginning WIP Inventory: Direct Materials Conversion Costs Units Started and Completed During Period: Direct Materials Conversion Costs Total Cost of Units Completed and Transferred to Finished Goods Ending Work in Process Inventory: Direct Materials Conversion Costs Total Cost of Ending Work in Process Total Costs Accounted For CHAMPAIGN COMPANY SCHEDULE OF PHYSICAL AND EQUIVALENT UNITS-FIFO FOR MONTH OF JULY Equivalent Units Physical Units Direct Materials Conversion Costs Units To Account For: Beginning WIP Inventory Units Started During Period Total Units To Account For LT Units Accounted For: Units Completed During Period: From Beginning WIP Inventory Units Started and Completed During Period Total Units Completed During Period Units in Ending WIP Inventory Total Units Accounted For Total Costs CHAMPAIGN COMPANY UNIT COST ANALYSIS SCHEDULE--FIFO FOR MONTH OF JULY Direct Conversion Materials Costs Costs To Account For: Costs From Beginning WIP Inventory Current Period Costs Total Costs To Account For Divided By Equivalent Units Cost Per Equivalent Unit CHAMPAIGN COMPANY COST SUMMARY SCHEDULE--FIFO FOR MONTH OF JULY Direct Conversion Materials Costs Total Costs Costs Accounted For: Costs From Beginning WIP Inventory To Complete Beginning WIP Inventory: Direct Materials Conversion Costs Units Started and Completed During Period: Direct Materials Conversion Costs Total Cost of Units Completed and Transferred to Finished Goods Ending Work in Process Inventory: Direct Materials Conversion Costs Total Cost of Ending Work in Process Total Costs Accounted For