Answer:
Waterways
Molding Department
Production Cost Report
Total costs of production:
Units Materials Conversion Total
Costs in work in process inventory: $168,470 $85,180 $253,650
Units started in January $281,593 371,270 $652,863
Total costs of production $450,063 $456,450 $906,513
Equivalent units of production:
Units Materials Conversion
Units completed & transferred 58,300 58,300 58,300
Work in process ending: 25,600 12,800 2,560
(25,600*50%) (25,600*10%)
Total equivalent units 71,100 60,860
Cost per equivalent unit:
Materials Conversion
Total costs of production $450,063 $456,450
Total equivalent units 71,100 60,860
Cost per equivalent unit $6.33 $7.50
Costs Assigned to units:
Materials Conversion Total
Cost per equivalent unit $6.33 $7.50
Units started and completed (58,300) $369,039 $437,250 $806,289
Work in Process, ending 12,800/2,560 81,024 19,200 100,224
Total costs assigned $450,063 $456,450 $906,513
Explanation:
a) Data and Calculations:
Units Materials Conversion Total
Work in process beginning: 24,100 80% 30%
Costs in work in process inventory: $168,470 $85,180 $253,650
Labor 68,020
Overhead 17,160
Units started in January 59,800 $281,593 371,270 $652,863
Units transferred 58,300
Labor 311,150
Overhead 60,120
Work in process ending: 25,600 50% 10%
