Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 10,000 units, 55% completed $114,000* *Direct materials (10,000 × $9.2) $92,000 Conversion (10,000 × 55% × $4) 22,000 $114,000 Materials added during January from Weaving Department, 154,000 units $1,424,500 Direct labor for January 270,252 Factory overhead for January 330,309 Goods finished during January (includes goods in process, January 1), 155,800 units — Work in process, January 31, 8,200 units, 45% completed — a. Prepare a cost of production report for the Cutting Department. If an amount box does not require an entry, leave it blank. For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 fill in the blank Received from Weaving Department fill in the blank Total units accounted for by the Cutting Department fill in the blank Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, January 1 fill in the blank fill in the blank fill in the blank Started and completed in January fill in the blank fill in the blank fill in the blank Transferred to finished goods in January fill in the blank fill in the blank fill in the blank Inventory in process, January 31 fill in the blank fill in the blank fill in the blank Total units to be assigned costs fill in the blank fill in the blank fill in the blank Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department $fill in the blank $fill in the blank Total equivalent units fill in the blank fill in the blank Cost per equivalent unit $fill in the blank $fill in the blank Costs assigned to production: Direct Materials Conversion Total Inventory in process, January 1 $fill in the blank Costs incurred in January fill in the blank Total costs accounted for by the Cutting Department $fill in the blank Cost allocated to completed and partially completed units: Inventory in process, January 1 balance $fill in the blank To complete inventory in process, January 1 $fill in the blank fill in the blank Cost of completed January 1 work in process $fill in the blank Started and completed in January fill in the blank Transferred to finished goods in January fill in the blank fill in the blank $fill in the blank Inventory in process, January 31 fill in the blank fill in the blank fill in the blank Total costs assigned by the Cutting Department $fill in the blank b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December). When the answer is an increase enter it as a positive number and when it's a decrease enter it as a negative number. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit ? $fill in the blank Change in conversion cost per equivalent unit ? $fill in the blank

Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 10,000 units, 55% completed $114,000* *Direct materials (10,000 × $9.2) $92,000 Conversion (10,000 × 55% × $4) 22,000 $114,000 Materials added during January from Weaving Department, 154,000 units $1,424,500 Direct labor for January 270,252 Factory overhead for January 330,309 Goods finished during January (includes goods in process, January 1), 155,800 units — Work in process, January 31, 8,200 units, 45% completed — a. Prepare a cost of production report for the Cutting Department. If an amount box does not require an entry, leave it blank. For the cost per equivalent unit computations, round your answers to two decimal places. Karachi Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 fill in the blank Received from Weaving Department fill in the blank Total units accounted for by the Cutting Department fill in the blank Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, January 1 fill in the blank fill in the blank fill in the blank Started and completed in January fill in the blank fill in the blank fill in the blank Transferred to finished goods in January fill in the blank fill in the blank fill in the blank Inventory in process, January 31 fill in the blank fill in the blank fill in the blank Total units to be assigned costs fill in the blank fill in the blank fill in the blank Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department $fill in the blank $fill in the blank Total equivalent units fill in the blank fill in the blank Cost per equivalent unit $fill in the blank $fill in the blank Costs assigned to production: Direct Materials Conversion Total Inventory in process, January 1 $fill in the blank Costs incurred in January fill in the blank Total costs accounted for by the Cutting Department $fill in the blank Cost allocated to completed and partially completed units: Inventory in process, January 1 balance $fill in the blank To complete inventory in process, January 1 $fill in the blank fill in the blank Cost of completed January 1 work in process $fill in the blank Started and completed in January fill in the blank Transferred to finished goods in January fill in the blank fill in the blank $fill in the blank Inventory in process, January 31 fill in the blank fill in the blank fill in the blank Total costs assigned by the Cutting Department $fill in the blank b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December). When the answer is an increase enter it as a positive number and when it's a decrease enter it as a negative number. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit ? $fill in the blank Change in conversion cost per equivalent unit ? $fill in the blank

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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Cost of Production Report

The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process.

Work in process, January 1, 10,000 units, 55% completed		$114,000*
*Direct materials (10,000 × $9.2)	$92,000
Conversion (10,000 × 55% × $4)	22,000
	$114,000
Materials added during January from Weaving Department, 154,000 units		$1,424,500
Direct labor for January		270,252
Factory overhead for January		330,309
Goods finished during January (includes goods in process, January 1), 155,800 units		—
Work in process, January 31, 8,200 units, 45% completed		—

a. Prepare a cost of production report for the Cutting Department. If an amount box does not require an entry, leave it blank. For the cost per equivalent unit computations, round your answers to two decimal places.

Karachi Carpet Company
Cost of Production Report-Cutting Department
For the Month Ended January 31
Unit Information
Units charged to production:
Inventory in process, January 1	fill in the blank
Received from Weaving Department	fill in the blank
Total units accounted for by the Cutting Department	fill in the blank
Units to be assigned costs:
		Equivalent Units
	Whole Units	Direct Materials	Conversion
Inventory in process, January 1	fill in the blank	fill in the blank	fill in the blank
Started and completed in January	fill in the blank	fill in the blank	fill in the blank
Transferred to finished goods in January	fill in the blank	fill in the blank	fill in the blank
Inventory in process, January 31	fill in the blank	fill in the blank	fill in the blank
Total units to be assigned costs	fill in the blank	fill in the blank	fill in the blank
Cost Information
Costs per equivalent unit:
	Direct Materials	Conversion
Total costs for January in Cutting Department	$fill in the blank	$fill in the blank
Total equivalent units	fill in the blank	fill in the blank
Cost per equivalent unit	$fill in the blank	$fill in the blank
Costs assigned to production:
	Direct Materials	Conversion	Total
Inventory in process, January 1			$fill in the blank
Costs incurred in January			fill in the blank
Total costs accounted for by the Cutting Department			$fill in the blank
Cost allocated to completed and partially completed units:
Inventory in process, January 1 balance			$fill in the blank
To complete inventory in process, January 1		$fill in the blank	fill in the blank
Cost of completed January 1 work in process			$fill in the blank
Started and completed in January			fill in the blank
Transferred to finished goods in January	fill in the blank	fill in the blank	$fill in the blank
Inventory in process, January 31	fill in the blank	fill in the blank	fill in the blank
Total costs assigned by the Cutting Department			$fill in the blank

b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December). When the answer is an increase enter it as a positive number and when it's a decrease enter it as a negative number. If required, round your answers to two decimal places.

Increase or Decrease Amount

Change in direct materials cost per equivalent unit ? $fill in the blank

Change in conversion cost per equivalent unit ? $fill in the blank

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