A B Prepare a schedule that shows how the equivalent units were computed so that

Question

A

B Prepare a schedule that shows how the equivalent units were computed so that you can complete the “Quantities: Units accounted for” equivalent units section shown in the production cost report, and compute October unit costs

Complete the “Cost Reconciliation Schedule” part of the production cost report below. HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) 20,000 Started into production 150,000 Total units 170,000 Units accounted for Transferred out 120,000 ? ? Work in process, October 31 (60% materials, 40% conversion costs) 50,000 ? ? Total units accounted for 170,000 ? ? Costs Unit costs Materials Conversion Costs Total Costs in October $240,000 $105,000 $345,000 Equivalent units ? ? Unit costs $????? + $????? = $????? Costs to be accounted for Work in process, October 1 $?30,000 Started into production 315,000 Total costs $345,000 Cost Reconciliation Schedule Costs accounted for Transferred out $?????? Work in process, October 31 Materials ? Conversion costs ? ? Total costs ? HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Physical Units Conversion Costs uantities Materials Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) Started into production 23,360 175,200 198,560 Total units Units accounted for 140,160 58,400 198,560 Transferred out 140160 23360 198560 140160 Work in process, October 31 (60% materials, 40% conversion costs) 16352 Total units accounted for 196224 Conversion Materials sts otal Unit costs Costs in October $280,320 $122,640 $402,960 Equivalent units 198560 198560 Unit costs Costs to be accounted for Work in process, October 1 Started into production $35,040 Total costs $402,960

Explanation / Answer

Answer a. HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) 20,000 Started into production 150,000 Total units 170,000 Units accounted for Transferred out 120,000 120000 120000 Work in process, October 31 (60% materials, 40% conversion costs) 50,000 30000 20000 Total units accounted for 170,000 150000 140000 Costs Unit costs Materials Conversion Costs Total Costs in October $240,000 $105,000 $345,000 Equivalent units 150000 140000 Unit costs 1.6 + 0.75 = 2.35 Costs to be accounted for Work in process, October 1           30,000 Started into production 315,000 Total costs        345,000 Cost Reconciliation Schedule Costs accounted for Transferred out        282,000 Work in process, October 31 Materials          48,000 Conversion costs          15,000           63,000 Total costs        345,000 Answer b. HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) 23,360 Started into production 175,200 Total units 198,560 Units accounted for Transferred out 140,160 140,160 140,160 Work in process, October 31 (60% materials, 40% conversion costs) 58,400 35040 23360 Total units accounted for 198,560 175200 163,520 Costs Unit costs Materials Conversion Costs Total Costs in October $280,320 $122,640 $402,960 Equivalent units 175200 163520 Unit costs 1.6 + 0.75 = 2.35 Costs to be accounted for Work in process, October 1        35,040 Started into production 367,920 Total costs $402,960 Cost Reconciliation Schedule Costs accounted for Transferred out      329,376 Work in process, October 31 Materials               56,064 Conversion costs               17,520        73,584 Total costs      402,960

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