The Welding Department of Majestic Company has the following production and manu
ID: 2490251 • Letter: T
Question
The Welding Department of Majestic Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process. Majestic uses the FIFO method to compute equivalent units.
Manufacturing Costs
Production Data
Prepare a production cost report for the Welding Department for the month of February. Transferred-in costs are considered materials costs. (Round unit costs to 2 decimal places, e.g. 2.25.)
Manufacturing Costs
Production Data
Beginning work in process $32,497 Beginning work in process 15,150 units, 10% complete Costs transferred in 136,350 Units transferred out 54,540 Materials 57,570 Units transferred in 64,640 Labor 35,451 Ending work in process 25,250 , 20% complete Overhead 69,084Explanation / Answer
Production cost report
Welding Department
For the month of February, 2017
Physical Units:
Beginning work in process
15,150
Units transferred in
64,640
Total
79,790
Beginning work in process
15,150
Units Completed and transferred out (54450-15150) =
39,300
Ending work in process
25,250
Total
79,700
Equivalent units:
Physical units
Equivalent Units
Material
Conversion
Beginning work in process
15,150
-
13,635
(15150*0%)
(15150*90%)
Units Completed and transferred out (54450-15150) =
39,300
39,300
39,300
Ending work in process
25,250
25,250
5,050
(25250*100%)
(25250*20%)
Total Equivalent Units
64,550
57,985
Production cost report
Welding Department
For the month of February, 2017
Physical Units:
Beginning work in process
15,150
Units transferred in
64,640
Total
79,790
Beginning work in process
15,150
Units Completed and transferred out (54450-15150) =
39,300
Ending work in process
25,250
Total
79,700
Equivalent units:
Physical units
Equivalent Units
Material
Conversion
Beginning work in process
15,150
-
13,635
(15150*0%)
(15150*90%)
Units Completed and transferred out (54450-15150) =
39,300
39,300
39,300
Ending work in process
25,250
25,250
5,050
(25250*100%)
(25250*20%)
Total Equivalent Units
64,550
57,985
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