A company that makes baseball gloves produces them using 2 production department

Question

A company that makes baseball gloves produces them using 2 production departments. When the gloves are produced they first go through the Fabrication Department, which produces the pieces that are later assembled into a glove. After the Fabrication Department completes its work on the glove, the glove goes to the Assembly Department to finish putting the glove together. The following data is for the Assembly Department (the second department that works on the gloves) for the month of November: Units in the beginning work-in-process inventory 9,000 Units started during the month 51,000 Units completed during the month and transferred to Finished Goods 52,000 Units in the ending work-in-process inventory 8,000 Units in the ending work-in-process inventory are 75% completed in terms of direct materials and 45% completed in terms of conversion costs Costs in the beginning work-in-process inventory - $45,000 of costs transferred in from the Fabrication Department, $55,000 of direct materials costs, and $70,000 of conversion costs Costs added in the month of November - $255,000 of costs transferred in from the Fabrication Department, $293,000 of direct materials costs, and $319,200 of conversion costs Please complete the 5 steps of involved in process costing: 1. Account for all the units 2. Calculate the number of equivalent units in terms of transferred-in costs, direct materials and conversion costs 3. Calculate the amounts spent on transferred-in costs, direct materials and conversion costs 4. Calculate the cost per equivalent unit for transferred-in costs, direct materials and conversion costs 5. Allocate the total amount spent between the cost of goods completed (transferred to Finished Goods) and the cost assigned to the ending work-in-process inventory.
A company that makes baseball gloves produces them using 2 production departments. When the gloves are produced they first go through the Fabrication Department, which produces the pieces that are later assembled into a glove. After the Fabrication Department completes its work on the glove, the glove goes to the Assembly Department to finish putting the glove together. The following data is for the Assembly Department (the second department that works on the gloves) for the month of November: Units in the beginning work-in-process inventory 9,000 Units started during the month 51,000 Units completed during the month and transferred to Finished Goods 52,000 Units in the ending work-in-process inventory 8,000 Units in the ending work-in-process inventory are 75% completed in terms of direct materials and 45% completed in terms of conversion costs Costs in the beginning work-in-process inventory - $45,000 of costs transferred in from the Fabrication Department, $55,000 of direct materials costs, and $70,000 of conversion costs Costs added in the month of November - $255,000 of costs transferred in from the Fabrication Department, $293,000 of direct materials costs, and $319,200 of conversion costs Please complete the 5 steps of involved in process costing: 1. Account for all the units 2. Calculate the number of equivalent units in terms of transferred-in costs, direct materials and conversion costs 3. Calculate the amounts spent on transferred-in costs, direct materials and conversion costs 4. Calculate the cost per equivalent unit for transferred-in costs, direct materials and conversion costs 5. Allocate the total amount spent between the cost of goods completed (transferred to Finished Goods) and the cost assigned to the ending work-in-process inventory.
A company that makes baseball gloves produces them using 2 production departments. When the gloves are produced they first go through the Fabrication Department, which produces the pieces that are later assembled into a glove. After the Fabrication Department completes its work on the glove, the glove goes to the Assembly Department to finish putting the glove together. The following data is for the Assembly Department (the second department that works on the gloves) for the month of November: Units in the beginning work-in-process inventory 9,000 Units started during the month 51,000 Units completed during the month and transferred to Finished Goods 52,000 Units in the ending work-in-process inventory 8,000 Units in the ending work-in-process inventory are 75% completed in terms of direct materials and 45% completed in terms of conversion costs Costs in the beginning work-in-process inventory - $45,000 of costs transferred in from the Fabrication Department, $55,000 of direct materials costs, and $70,000 of conversion costs Costs added in the month of November - $255,000 of costs transferred in from the Fabrication Department, $293,000 of direct materials costs, and $319,200 of conversion costs Please complete the 5 steps of involved in process costing: 1. Account for all the units 2. Calculate the number of equivalent units in terms of transferred-in costs, direct materials and conversion costs 3. Calculate the amounts spent on transferred-in costs, direct materials and conversion costs 4. Calculate the cost per equivalent unit for transferred-in costs, direct materials and conversion costs 5. Allocate the total amount spent between the cost of goods completed (transferred to Finished Goods) and the cost assigned to the ending work-in-process inventory.
A company that makes baseball gloves produces them using 2 production departments. When the gloves are produced they first go through the Fabrication Department, which produces the pieces that are later assembled into a glove. After the Fabrication Department completes its work on the glove, the glove goes to the Assembly Department to finish putting the glove together. The following data is for the Assembly Department (the second department that works on the gloves) for the month of November: Units in the beginning work-in-process inventory 9,000 Units started during the month 51,000 Units completed during the month and transferred to Finished Goods 52,000 Units in the ending work-in-process inventory 8,000 Units in the ending work-in-process inventory are 75% completed in terms of direct materials and 45% completed in terms of conversion costs Costs in the beginning work-in-process inventory - $45,000 of costs transferred in from the Fabrication Department, $55,000 of direct materials costs, and $70,000 of conversion costs Costs added in the month of November - $255,000 of costs transferred in from the Fabrication Department, $293,000 of direct materials costs, and $319,200 of conversion costs Please complete the 5 steps of involved in process costing: 1. Account for all the units 2. Calculate the number of equivalent units in terms of transferred-in costs, direct materials and conversion costs 3. Calculate the amounts spent on transferred-in costs, direct materials and conversion costs 4. Calculate the cost per equivalent unit for transferred-in costs, direct materials and conversion costs 5. Allocate the total amount spent between the cost of goods completed (transferred to Finished Goods) and the cost assigned to the ending work-in-process inventory.

Explanation / Answer

Req 1 UNITS TO ACCOUNT FOR: Beginning Work in Process units 9,000.00 Add: Units Started in Process 51,000.00 Total Units to account for: 60,000.00 UNITS TO BE ACCOUNTED FOR: Units started and completed 52,000.00 Ending Work in Process 8,000.00 Total Units to be accounted for: 60,000.00 Req 2: Equivalent Units: Transferred in Cost Material Cost Conversion Cost % Completion Units % Completion Units % Completion Units Units started annd completed 100% 52,000.00 100% 52,000.00 100% 52,000.00 Ending Work in Process 100% 8,000.00 75% 6,000.00 45% 3,600.00 Total Equivalent units 60,000.00 58,000.00 55,600.00 Req 3: TOTAL COST TO ACCOUNT FOR: Transferred-in Material Conversion Beginning work in Process 45,000 55000 70,000 Cost Added during May 255,000 293,000 319,200 Total Cost to account for: 300,000 348,000 389,200 Total Cost to account for: 1,037,200 Req 4: COST PER EQUIVALENT UNIT: Transferred-in Material Conversion Cost added during the period 300,000 348,000 389,200 Equivalent Units 60,000.00 58,000.00 55,600.00 Cost per Equivalent unit 5.00 6.00 7.00 Req 5: TOTAL COST ACCOUNTED FOR: Units Completed and Transferred out (52000 units) Equivalent unit Cost per EU Total Cost Transferred-in cost 52,000 5 260000 Material cost 52,000 6 312000 Conversion Cost 52,000 7 364000 Total Cost of Units completed and transferred out: 936000 Ending Work in Process (8000 units) Equivalent unit Total Cost Transferred-in cost 8,000.00 5 40000 Material cost 6,000.00 6 36000 Conversion Cost 3,600.00 7 25200 Total cost of Ending Work in process: 101,200 Total Cost accounted for: 1,037,200

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