lo, S00=Units accounted for Everett Company\'s inventoryDecember 31, and the cos
ID: 2537159 • Letter: L
Question
lo, S00=Units accounted for Everett Company's inventoryDecember 31, and the costs charged to Work in Process D partment B d ng December are as follows: 500 units, 60% completed Direct labor S 3,460 Prom epartment A, 10,000 units36300 7,960 Factory oveshead 12,500 During December, all direot materials are transforrod from Department A, the units in process at December 1 were completed. Ofthe 10,000 unitsentering the department, all wore completed except 1,200 units which were 25% completed as to convension costs. Inventorics are costed by the first-in, first-out method Prepare a cost of production report for DecemberExplanation / Answer
Everett Company Cost of Production Report- For the Month Ended Dec 31 Unit Charged to production Inventory in process, Jan1 500 Received from Material 10000 Total Unit accounted for by theDepartment B 10500 Unti to be assigned Equivalent Unit Whole Unit Direct Material Conversion Inventory in process, Jan1 500 300 Statarted & Completed in Jan 8800 8800 8800 Good Finshed during Jan 9300 8800 8800 Inventory in Process, 31 Jan 1200 1200 300 total unit to be assigned Cost 10500 10000 9400 Cost information Cost Per Equivalen tUnit Direct Material Conversion Total Cost for July in Departmetn-B $36,300.00 $20,460.00 Totla Equivalent Unit 10000 9400 Cost/ Equivalent Unit $3.63 $2.18 Cost Charged to production Direct Material Conversion Total Inventory in process, Jan1 $3,460.00 Cost Incurred in Jan $56,760.00 Total cost accounted for by the Department-B $60,220.00 Cost Allocated to Completed and Partially Completed Unit Inventory in process, Jan1 $3,460.00 To Complete Inventpry in Process, 1 Jan 0 $435.32 $435.32 Cost of Completed in progress $3,895.32 Started & Completed in Jan $31,944.00 $19,154.04 $51,098.04 Completed & Trasferred $54,993.36 Innventory in Progress,- Closing $4,356.00 $652.98 $5,008.98 Total Cost Assigned by Department B $60,002.34
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