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2 years ago

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Loanstar had 150 units in beginning inventory before starting 950 units and completing 900 units. The beginning work in process

inventory consisted of $2,000 in materials and $4,000 in conversion costs before $7,900 of materials and $13,280 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 30% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values.

1 answer:

Lubov Fominskaja [6]2 years ago

7 0

Answer:

Loanstar

Production Report:

Units Materials Conversion Total

Beginning WIP 150 $2,000 $4,000 $6,000

Started 950 7,900 13,280 21,180

Total 1,100 $9,900 $17,280 $27,180

Completed 900 900 900

Ending WIP 200 200 (100%) 60 (30%)

Total equivalent units 1,100 960

Cost per equivalent unit $9 $18

Cost assigned to:

Units completed $8,100 $16,200 $24,300

Ending WIP 1,800 1,080 2,880

Total cost of production $9,900 $17,280 $27,180

Explanation:

a) Data and Calculations:

Units Materials Conversion Total

Beginning WIP 150 $2,000 $4,000 $6,000

Started 950 7,900 13,280 21,180

Total 1,100 $9,900 $17,280 $27,180

Completed 900 900 900

Ending WIP 200 200 (100%) 60 (30%)

Total equivalent units 1,100 960

Cost per equivalent unit $9 $18

Cost assigned to:

Units completed $8,100 $16,200 $24,300

Ending WIP 1,800 1,080 2,880

Total cost of production $9,900 $17,280 $27,180

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a. The monthly payment on loan 1 is $76.03.

b. The monthly payment on loan 2 is $411.69.

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a. Calculate the monthly payment on loan 1.

To determine the amount of periodic payments, the present value of annuity formula should be used:

$PV=P(\frac{1-(1+r)^{-n} }{r} )$

Where:

PV= present value

p=periodic payment

i=rate of interest

n=number of periods

We get the data for this exercise:

PV= 3,600 (loan).

p= unknown (we must find this value)

i= 6.6% or 0.066. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.066 / 12).

n= 4 years and 7 months, that is 55 months.

And we replace in the formula:

$3600=P(\frac{1-(1+\frac{0.066}{12})^{-55} }{\frac{0.066}{12} } )$

$3600=P(\frac{1-(1+0.055)^{-55} }{0.0055} )$

$3600=P(\frac{1-(0.7395812268)}{0.0055} )$

$3600=P(\frac{0.2604187732}{0.0055} )$

$3600=P(47.348867)$

Therefore:

$P=\frac{3600}{47.348867}$

$P=76.03$

The monthly payment on loan 1 is $76.03.

b. Calculate the monthly payment on loan 2.

We get the data for this exercise:

PV= 11,600 (loan 2).

p= unknown (we must find this value)

i= 7.3% or 0.073. However, because we need to know the monthly payment, the interest rate should be divided by 12 (0.073 / 12).

n= 2 years and 7 months, that is 31 months.

And we replace in the formula:

$11600=P(\frac{1-(1+\frac{0.073}{12})^{-31} }{\frac{0.073}{12} } )$

$11600=P(\frac{1-(1+0.006083)^{-31} }{0.006083} )$

$11600=P(\frac{1-(0.8286047296)}{0.006083} )$

$11600=P(\frac{0.1713952704}{0.006083} )$

$11600=P(28.1761088936)$

Therefore:

$P=\frac{11600}{28.1761088936}$

$P=411.69$

The monthly payment on loan 2 is $411.69.

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