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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 20,000 75,000 Beginning inventory Started during the month Total units to account for Completed and transferred out Ending work in proce Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 Total $20,000 62,475

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 20,000 75,000 Beginning inventory Started during the month Total units to account for Completed and transferred out Ending work in proce Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 Total $20,000 62,475

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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 Started during the month Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 20,000 75,000 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 0000 00 Total $20,000 62,875
Transcribed Image Text: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 Started during the month Total units to account for Completed and transferred out Ending work in process Total units to account for Work in process completion percent Completed and transferred out Ending work in process Total units to account for Costs to account for Beginning work in process Transferred in Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials End work in process: conversion End work in process: total Costs to account for 20,000 75,000 71,000 100% 25% Materials Units Conversion Units Total Units 71,000 71,000 71,000 Materials $3,000 25,500 Conversion $17,000 37,075 0000 00 Total $20,000 62,875
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A production cost report enables a business to monitor expenditures and the flow of materials into and out of a certain department. Consider it this way. You likely have a sizable budget that shows how money enters and leaves your business. This is done on a departmental level by a production cost report. A production cost report also maintains track of any goods, which is another benefit.

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