Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 19,000 Started during the month 76,000 Total units to account for fill in the blank 1 Completed and transferred out 69,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 30% Materials Units Conversion Units Total Units Completed and transferred out 69,000 69,000 69,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,000 $17,000 $20,000 Transferred in — — — Incurred during the period 16,000 44,440 60,440 Total costs to account for $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Equivalent units fill in the blank 13 fill in the blank 14 Cost per equivalent unit for department $fill in the blank 15 $fill in the blank 16 $fill in the blank 17 Transferred-out costs $fill in the blank 18 End work in process: materials $fill in the blank 19 End work in process: conversion fill in the blank 20 End work in process: total fill in the blank 21 Costs to account for $fill in the blank 22 z
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place. Production Cost Report Beginning inventory 19,000 Started during the month 76,000 Total units to account for fill in the blank 1 Completed and transferred out 69,000 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 30% Materials Units Conversion Units Total Units Completed and transferred out 69,000 69,000 69,000 Ending work in process fill in the blank 4 fill in the blank 5 fill in the blank 6 Total units to account for fill in the blank 7 fill in the blank 8 fill in the blank 9 Costs to account for Materials Conversion Total Beginning work in process $3,000 $17,000 $20,000 Transferred in — — — Incurred during the period 16,000 44,440 60,440 Total costs to account for $fill in the blank 10 $fill in the blank 11 $fill in the blank 12 Equivalent units fill in the blank 13 fill in the blank 14 Cost per equivalent unit for department $fill in the blank 15 $fill in the blank 16 $fill in the blank 17 Transferred-out costs $fill in the blank 18 End work in process: materials $fill in the blank 19 End work in process: conversion fill in the blank 20 End work in process: total fill in the blank 21 Costs to account for $fill in the blank 22 z
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Complete this production cost report: Enter all amount as positive values. If required round "Cost per unit" answers to two decimal place.
| Production Cost Report | |||
| Beginning inventory | 19,000 | ||
| Started during the month | 76,000 | ||
| Total units to account for | fill in the blank 1 | ||
| Completed and transferred out | 69,000 | ||
| Ending work in process | fill in the blank 2 | ||
| Total units to account for | fill in the blank 3 | ||
| Work in process completion percent | 100% | 30% | |
| Materials Units | Conversion Units | Total Units | |
| Completed and transferred out | 69,000 | 69,000 | 69,000 |
| Ending work in process | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Total units to account for | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| Costs to account for | Materials | Conversion | Total |
| Beginning work in process | $3,000 | $17,000 | $20,000 |
| Transferred in | — | — | — |
| Incurred during the period | 16,000 | 44,440 | 60,440 |
| Total costs to account for | $fill in the blank 10 | $fill in the blank 11 | $fill in the blank 12 |
| Equivalent units | fill in the blank 13 | fill in the blank 14 | |
| Cost per equivalent unit for department | $fill in the blank 15 | $fill in the blank 16 | $fill in the blank 17 |
| Transferred-out costs | $fill in the blank 18 | ||
| End work in process: materials | $fill in the blank 19 | ||
| End work in process: conversion | fill in the blank 20 | ||
| End work in process: total | fill in the blank 21 | ||
| Costs to account for | $fill in the blank 22 | z |
Expert Solution
Step 1 Introduction
Process Costing: When units are continually mass-produced by one or more processes, process costing is a technique of cost that is mostly employed in manufacturing. It is the process that is costed in process costing (unlike job costing where each job is costed separately).
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