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The Welding Department of Majestic Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of

The Welding Department of Majestic Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process. Majestic uses the FIFO method to compute equivalent units.

Manufacturing Costs

Production Data

Beginning work in process $32,175 Beginning work in process 15,000 units, 10% complete
Costs transferred in 135,000 Units transferred out 54,000
Materials 57,000 Units transferred in 64,000
Labor 35,100 Ending work in process 25,000 , 20% complete
Overhead 68,400

Prepare a production cost report for the Welding Department for the month of February. Transferred-in costs are considered materials costs. (Round unit costs to 2 decimal places, e.g. 2.25.)

MAJESTIC MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 28 , 2017

Equivalent Units

Quantities

Physical Units

Materials

Conversion Costs

Units to be accounted for
Work in process, February 1

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Started into production

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Total units

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Units accounted for
Completed and transferred out
Work in process, February 1

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Started and completed

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Total

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Work in process, February 28

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Total units

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Costs

Materials

Conversion Costs

Total

Unit costs
Costs in February $

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$

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$

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Equivalent units

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Unit costs $

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$

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$

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Costs to be accounted for
Work in process, February 1 $

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Started into production

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Total costs $

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Cost Reconciliation Schedule
Costs accounted for
Transferred out
Work in process, February 1 $

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Costs to complete beginning work in process
Conversion costs

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Total costs $

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Units started and completed

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Total costs transferred out $

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Work in process, February 28
Materials

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Conversion costs

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Total costs $

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