The Welding Department of Healthy Company has the following production and manuf
ID: 2341451 • Letter: T
Question
The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process.
Manufacturing Costs
Production Data
Manufacturing Costs
Production Data
Beginning work in process Beginning work in process 15,500 units, 1/10 complete Materials $18,000 Units transferred out 55,400 Conversion costs 15,160 $33,160 Units started 50,600 Materials 193,520 Ending work in process 10,700 units, 1/5 complete Labor 67,200 Overhead 89,109 HEALTHY MANUFACTURING COMPANY Production Cost Report For the Month Ended February 28, 2017 uivalent Units Physical Conversion Material Units to be accounted for Work in process, February 1 Started into production Total units Units accounted for Transferred out Work in process, February 28 Total units Conversion Materials ota Unit costs Total Costs Equivalent units Unit costs Costs to be accounted for Work in process, February 1 Started into production Total costs st Reconciliat Costs accounted for Transferred out Work in process, February 28 Conversion costs Total costsExplanation / Answer
Answer
Production Cost report
Quantities
Physical units
Direct Materials
Conversion Cost
Units to be accounted for:
WIP Feb 1
15,500
Started into production
50,600
Total Units to account for
66,100
Units accounted for:
Transferred out
55,400
55,400
55400
WIP Feb 28
10,700
10,700
2140
Total units
66,100
-
66,100
57,540
COSTS
Material
Conversion costs
Total
Unit Costs:
Total Costs
$ 211,520.00
$ 171,469.00
$ 382,989.00
Equivalent Units
66,100
57,540
Unit Costs
$ 3.20
$ 2.98
$ 6.18
Cost to be accounted for:
WIP Feb 1
$ 33,160.00
Started into production
$ 349,829.00
Total Costs
-
-
-
$ 382,989.00
COST RECONCILIATION SCHEDULE
Costs accounted for:
Transferred out
[55400 x $6.18]
$ 342,372.00
WIP, Feb 28
Material
[10700 x $3.2]
$ 34,240.00
Conversion cost
[2140 x $2.98]
$ 6,377.00
$ 40,617.00
Total Costs
$ 382,989.00
Production Cost report
Quantities
Physical units
Direct Materials
Conversion Cost
Units to be accounted for:
WIP Feb 1
15,500
Started into production
50,600
Total Units to account for
66,100
Units accounted for:
Transferred out
55,400
55,400
55400
WIP Feb 28
10,700
10,700
2140
Total units
66,100
-
66,100
57,540
COSTS
Material
Conversion costs
Total
Unit Costs:
Total Costs
$ 211,520.00
$ 171,469.00
$ 382,989.00
Equivalent Units
66,100
57,540
Unit Costs
$ 3.20
$ 2.98
$ 6.18
Cost to be accounted for:
WIP Feb 1
$ 33,160.00
Started into production
$ 349,829.00
Total Costs
-
-
-
$ 382,989.00
COST RECONCILIATION SCHEDULE
Costs accounted for:
Transferred out
[55400 x $6.18]
$ 342,372.00
WIP, Feb 28
Material
[10700 x $3.2]
$ 34,240.00
Conversion cost
[2140 x $2.98]
$ 6,377.00
$ 40,617.00
Total Costs
$ 382,989.00
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