The Welding Department of Thorpe Company has the following production and manufa
ID: 2422008 • Letter: T
Question
The Welding Department of Thorpe Company has the following production and manufacturing cost data for February 2014. All materials are added at the beginning of the process.
Manufacturing Costs
Production Data
Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)
Manufacturing Costs
Production Data
Beginning work in process Beginning work in process 14,830 units, 1/10 complete Materials $17,690 Units transferred out 49,490 Conversion costs 14,380 $32,070 Units started 44,550 Materials 219,830 Ending work in process 9,890 units, 1/5 complete Labor 52,400 Overhead 61,890Explanation / Answer
Production cost report
Units to be accounted for
Work in progress beginning inventory
14830
Units started during the period
44550
Total units to account for
59380
Units to be accounted for
Completed and transferred out
49490
Work in progress ending inventory
9890
Total units to account for
59380
Particulars
Cost
Material cost
Conversion cost
Cost in WIP Beginning inventory
32070
17690
14380
Current period costs
334120
219830
114290
Total costs to be accounted for
366190
237520
128670
Cost per equivalent unit
14380+114290/49490
2.60
Production cost report
Units to be accounted for
Work in progress beginning inventory
14830
Units started during the period
44550
Total units to account for
59380
Units to be accounted for
Completed and transferred out
49490
Work in progress ending inventory
9890
Total units to account for
59380
Particulars
Cost
Material cost
Conversion cost
Cost in WIP Beginning inventory
32070
17690
14380
Current period costs
334120
219830
114290
Total costs to be accounted for
366190
237520
128670
Cost per equivalent unit
14380+114290/49490
2.60
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