Production Report, Weighted Average Manzer Inc. manufactures bicycle frames in t

Question

Production Report, Weighted Average Manzer Inc. manufactures bicycle frames in two departments: cutting and welding. Manzer uses the weighted average method. Manufacturing costs are added uniformly throughout the process. The following are cost and production data for the cutting department for October: Production: Units in process, October 1, 40% complete 4,800 Units completed and transferred out 32,640 Units in process, October 31, 60% complete 9,600 Costs: WIP, October 1 $ 38,400 Costs added during October 729,600 Required: Prepare a production report for the cutting department. Round cost per equivalent unit to the nearest cent. Use this rounded amount for further calculations. If an amount box does not require an entry, leave it blank or enter "0". Manzer Inc. Cutting Department Production Report For the Month of October (Weighted Average Method) Unit Information Physical flow: Units in beginning WIP Units started Total units to account for Equivalent units: Units completed Units in ending WIP Total units accounted for: Equivalent units: Units completed Units in ending WIP Total equivalent units Cost Information Costs to account for: Beginning WIP $ Incurred during October Total costs to account for $ Cost per equivalent unit $ Costs accounted for: Transferred Out Ending Work in Process Total Goods transferred out $ $ $ Goods in ending WIP Total costs accounted for $ $ $ Check My Work

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 4,800 Add: Units Started in Process 37,440 Total Units to account for: 42,240 UNITS TO BE ACCOUNTED FOR: Units started and completed 32,640 Ending Work in Process 9,600 Total Units to be accounted for: 42,240 Equivalent Units: Cost % Completion Units Units started and completed 100% 32,640 Ending Work in Process 60% 5,760 Total Equivalent units 38,400 TOTAL COST TO ACCOUNT FOR: Material Beginning work in Process 38,400 Cost Added during May 729,600 Total Cost to account for: 768,000 Total Cost to account for: COST PER EQUIVALENT UNIT: Material Total cost added during the year 768,000 Equivalent Units 38,400 Cost per Equivalent unit 20 TOTAL COST ACCOUNTED FOR: Units Completed and transferred out (32640 units @20): 652800 Cost of Ending WIP (5760 eq. units @20) 115200

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