uring Year 3, Anywhere, Inc (AI) incurred the following product costs Raw materials $ 80,000 Labor 97,480 Overhead 67,000 The Year 2 ending balance in the Work in Process (WIP) account was $35,000 Accordingly, this is the beginning WIP balance for Year 3 There were 145 units of product in beginning WIP inventory AI started 1,960 units of product during Year 3 Ending WIP inventory consisted of 125 units that were 60 percent complete Required Prepare a cost of production report by filling in the cells that are left blank During Year 3, Anywhere, Inc (AI) incurred the following product costs Raw materials $ 62,000 Labor 89,422 Overhead 58,000 The Year 2 ending balance in the Work in Process (WIP) account was $26,000 Accordingly, this is the beginning WIP balance for Year 3 There were 110 units of product in beginning WIP inventory AI started 1,840 units of product during Year 3 Ending WIP inventory consisted of 90 units that were 60 percent complete Required Prepare a cost of production report by filling in the cells that are left blank Required Prepare a cost of production report by filling in the cells that are left blank Equivalent Unit Computations Units Equivalent Units Complete 145 1,960 Beginning inventory Units started Total units available for completion Units in ending inventory Units complete Total equivalent units (125) 1,980 100 2,055 Cost per Equivalent Unit Cost $ 35,000 Units Cost per Unit Beginning inventory Raw materials Labor Overhead Total product cost 67,000 2055 Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory Total product cost $ 279,480 Equivalent Unit Computations Units Complete Equivalent Units 110 1,840 Beginning inventory Units started Total units available for completion Units in ending inventory Units complete Total equivalent units (90) 1,860 100 1,914 Cost per Equivalent Unit Cost $ 26,000 Units Cost per Unit Beginning inventory Raw materials Labor Overhead Total product cost 58,000 1914 Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory Total product cost $ 235,422

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uring Year 3, Anywhere, Inc. (AI) incurred the following product costs. Raw materials $ 80,000 Labor 97,480 Overhead 67,000 The Year 2 ending balance in

uring Year 3, Anywhere, Inc. (AI) incurred the following product costs.


Raw materials	$	80,000
Labor		97,480
Overhead		67,000

The Year 2 ending balance in the Work in Process (WIP) account was $35,000. Accordingly, this is the beginning WIP balance for Year 3. There were 145 units of product in beginning WIP inventory. AI started 1,960 units of product during Year 3. Ending WIP inventory consisted of 125 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank.

image text in transcribed

During Year 3, Anywhere, Inc. (AI) incurred the following product costs.


Raw materials	$	62,000
Labor		89,422
Overhead		58,000

The Year 2 ending balance in the Work in Process (WIP) account was $26,000. Accordingly, this is the beginning WIP balance for Year 3. There were 110 units of product in beginning WIP inventory. AI started 1,840 units of product during Year 3. Ending WIP inventory consisted of 90 units that were 60 percent complete. Required Prepare a cost of production report by filling in the cells that are left blank.

image text in transcribed

Required Prepare a cost of production report by filling in the cells that are left blank. Equivalent Unit Computations Units Equivalent Units Complete 145 1,960 Beginning inventory Units started Total units available for completion Units in ending inventory Units complete Total equivalent units (125) 1,980 100 % 2,055 Cost per Equivalent Unit Cost $ 35,000 Units - Cost per Unit Beginning inventory Raw materials Labor Overhead Total product cost 67,000 2055 Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory Total product cost $ 279,480 Equivalent Unit Computations Units % Complete Equivalent Units 110 1,840 Beginning inventory Units started Total units available for completion Units in ending inventory Units complete Total equivalent units (90) 1,860 100 % 1,914 Cost per Equivalent Unit Cost $ 26,000 Units - Cost per Unit Beginning inventory Raw materials Labor Overhead Total product cost 58,000 1914 Allocation of Product Cost Cost transferred to finished goods Cost in ending inventory Total product cost $ 235,422