Shamr The following information was available for the month of June. ock Industr

Question

Shamr The following information was available for the month of June. ock Industries uses process costing. All of the company's manufacturing activities take place in a single processing dep $ 90,000 30,000 40,000 Direct materials Direct labor Manufacturing overhead applied Total costs to account for in June The amounts of work in process at the beginning and end of the month were immaterial and assigned no dollar value. During June, 20,000 units were completed, of which 16,000 were sold on account at $20 per unit. Complete a production cost report for Shamrock Industries for the month of June. (Do not round intermediate calculations.) SHAMROCK INDUSTRIES Production Cost Report Part I. Physical Flow Total Units Inputs: Beginning WIP Started Units to account for Outputs: . Units Ending WIP Units accounted for Part II. Equivalent Units Direct Materials Conversion Costs Based on monthly input Beginning WIP

Explanation / Answer

PHYSICAL FLOW Beginning Work in Process units 0 Started in process 20,000 Total Units to account for: 20,000 UNITS TO BE ACCOUNTED FOR: Output Units completed 20,000 Ending Work in Process 0 Total Units accounted for: 20,000 Equivalent Units: Material Conversion Based on Monthly Input Units Units Beginning WIP 0 0 Units Started 20,000 20,000 Equivalent units of Input 20,000 20,000 Bsed on Monthly output Units output 20,000 20,000 Ending WIP 0 0 Equivalent units of output 20,000 20,000 COST PER EQUIVALENT UNIT: Total cost Material Conversion Input cost 160,000 90,000 70,000 Equivalent Units 20,000 20,000 20,000 Cost per Equivalent unit 8 4.5 3.5 COST ASSIGNMENT Total cost Material Conversion Cost to account for Cost of beg. WIP 0 Cost added 160000 Total cost to account for: 160000 Cost accounted for: Cost of goods transferred Beginning WIP last year 0 0 0 Beginning WIP this year 0 0 0 Started and completed 160000 90000 70000 Total cost assigned 160000 90000 70000 Add: Ending WIP 0 0 0 Total cost accounted for: 160000 90000 70000

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