Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete 60% 30% Units Started 3,150 Costs Added in September $ 28,940 $ 8,156 Inventory on September 30 1,200 % Complete 80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory: Units Started: Units to Account for: Ending Inventory: Units Completed and Transferred: Units to Account for: Step 2: Compute the Equivalent Units of Production. Beginning Inventory: Material and Conversion % Complete: Material and Conversion % to Complete: Material and Conversion Equivalent Units: Material and Conversion Units Completed and Transferred: Material and Conversion Beginning Inventory: Material and Conversion Units Started and Completed: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion Ending Inventory: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion Total Equivalent Units of Production: Material and Conversion Step 3: Compute the Cost per Equivalent Unit of Production Beginning Inventory Cost: Material and Conversion Costs Added: Material and Conversion Total Cost to Account for: Material and Conversion Total Equivalent Units of Production: Material and Conversion Cost Per Equivalent Unit: Material and Conversion Total Cost per Equivalent Unit: Material + Conversion Step 4: Reconciling Costs. Beginning Inventory Cost: Material, Conversion and Total Costs Added: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total Cost of Beginning Inventory from Last Month: Material, Conversion and Total Cost of Beginning Inventory Completed in September: Material, Conversion and Total Cost of Units Started and Completed: Material, Conversion and Total Cost of Units in Ending Inventory: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total
Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete 60% 30% Units Started 3,150 Costs Added in September $ 28,940 $ 8,156 Inventory on September 30 1,200 % Complete 80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory: Units Started: Units to Account for: Ending Inventory: Units Completed and Transferred: Units to Account for: Step 2: Compute the Equivalent Units of Production. Beginning Inventory: Material and Conversion % Complete: Material and Conversion % to Complete: Material and Conversion Equivalent Units: Material and Conversion Units Completed and Transferred: Material and Conversion Beginning Inventory: Material and Conversion Units Started and Completed: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion Ending Inventory: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion Total Equivalent Units of Production: Material and Conversion Step 3: Compute the Cost per Equivalent Unit of Production Beginning Inventory Cost: Material and Conversion Costs Added: Material and Conversion Total Cost to Account for: Material and Conversion Total Equivalent Units of Production: Material and Conversion Cost Per Equivalent Unit: Material and Conversion Total Cost per Equivalent Unit: Material + Conversion Step 4: Reconciling Costs. Beginning Inventory Cost: Material, Conversion and Total Costs Added: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total Cost of Beginning Inventory from Last Month: Material, Conversion and Total Cost of Beginning Inventory Completed in September: Material, Conversion and Total Cost of Units Started and Completed: Material, Conversion and Total Cost of Units in Ending Inventory: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Carbata Company
| Units | Materials Cost | Conversion Cost | |
|---|---|---|---|
| Inventory on September 1 | 950 | $ 5,550 | $ 2,354 |
| % Complete | 60% | 30% | |
| Units Started | 3,150 | ||
| Costs Added in September | $ 28,940 | $ 8,156 | |
| Inventory on September 30 | 1,200 | ||
| % Complete | 80% | 60% |
Required:
Use the information above to complete a
| Beginning Inventory: |
| Units Started: |
| Units to Account for: |
| Ending Inventory: |
| Units Completed and Transferred: |
| Units to Account for: |
| Step 2: Compute the Equivalent Units of Production. |
| Beginning Inventory: Material and Conversion |
| % Complete: Material and Conversion |
| % to Complete: Material and Conversion |
| Equivalent Units: Material and Conversion |
| Units Completed and Transferred: Material and Conversion |
| Beginning Inventory: Material and Conversion |
| Units Started and Completed: Material and Conversion |
| % Complete: Material and Conversion |
| Equivalent Units: Material and Conversion |
| Ending Inventory: Material and Conversion |
| % Complete: Material and Conversion |
| Equivalent Units: Material and Conversion |
| Total Equivalent Units of Production: Material and Conversion |
| Step 3: Compute the Cost per Equivalent Unit of Production |
| Beginning Inventory Cost: Material and Conversion |
| Costs Added: Material and Conversion |
| Total Cost to Account for: Material and Conversion |
| Total Equivalent Units of Production: Material and Conversion |
| Cost Per Equivalent Unit: Material and Conversion |
| Total Cost per Equivalent Unit: Material + Conversion |
| Step 4: Reconciling Costs. |
| Beginning Inventory Cost: Material, Conversion and Total |
| Costs Added: Material, Conversion and Total |
| Total Cost to Account for: Material, Conversion and Total |
| Cost of Beginning Inventory from Last Month: Material, Conversion and Total |
| Cost of Beginning Inventory Completed in September: Material, Conversion and Total |
| Cost of Units Started and Completed: Material, Conversion and Total |
| Cost of Units in Ending Inventory: Material, Conversion and Total |
| Total Cost to Account for: Material, Conversion and Total |
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