16-6A Problem 16-6A Hamilton Processing Company uses a weighted-average process

Question

16-6A

Problem 16-6A Hamilton Processing Company uses a weighted-average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed, A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. Prepare a schedule that shows how the equivalent units were computed so that you can completc the "Quantitics: Units accounted for" equivelent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25. Production Cost Report For the Month Ended October 31 Equivalent Units Physical Units Materials Costs Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) Started into praduction 20,000 150,000 170,000 Total units Units accounted for 120,000 0,000 170,000 Transferred out Work in process, October 31 (60% materials, 40% conversion costs) Totel units accounted for Costs Unit costs Materials Costs Total Costs Equivalent units Unit costs $240,000 105,000 $345,000 Costs to be accounted for Work in process, October 1 Started into production $30,000 315,000 345,000 Total costs LINK TO TEXT LINK TO TEXT Complete the "Cost Reconciliation Schedule" part of the production coet report below. Cost Reconciliation Schedule Costs accounted for Trarsferred out Work in process, October 31 Materiab Conversion costs Total costs

Explanation / Answer

Production cost report :

Cost reconciliation schedule

Hamilton processing company Mixing and cooking department Production cost report For the month ended October 31 Equivalent unit Quantities Whole unit Direct material Conversion Units to be accounted for Work in process,October 1 20000 Started into production 150000 Total units 170000 Units accounted for Transferred out 120000 120000 120000 Work in process, Oct 31 50000 30000 20000 Total units accounted for 170000 150000 140000 Costs Material Conversion Total Unit cost Total cost 240000 105000 345000 Equivalent unit 150000 140000 Unit cost 1.60 0.75 2.35 Cost to be accounted for Work in process,Oct 1 30000 Started into production 315000 Total costs 345000

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