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Swifty Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into
Swifty Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. 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 29,480 Ending work in process units 2,680 Percent completeending inventory 40 % Cost Data Materials $265,320 Labor 71,824 Overhead 151,152 Total $488,296 SWIFTY COMPANY Molding Department Production Cost Report For the Month Ended June 30, 2020 Equivalent Units Physical Conversion Units Materials Costs Quantities 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 Conversion Costs Materials Total Costs Unit costs Total 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
Swifty Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. 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
29,480
Ending work in process units
2,680
Percent completeending inventory
40
%
Cost Data
Materials
$265,320
Labor
71,824
Overhead
151,152
Total
$488,296
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