Cost of Production ReportUse the weighted average cost (WAC) method with the following data:Work in process, May 1, 8,000 units, 75% completedMaterials added during May from Weaving Department, 105,000 unitsDirect labor for MayFactory overhead for MayTotal production costs to account forGoods finished during May (includes goods in process, May 1), 104,000 unitsWork in process, May 31, 9,000 units, 10% completedUnitsPrepare a cost of production report for the Cutting Department of Oriental Carpet Company for May.Oriental Carpet CompanyCost of Production Report-Cutting DepartmentFor the Month Ended May 31UnitsUnits charged to production:Inventory in process, May 1Received from Weaving DepartmentTotal units accounted for by the Cutting DepartmentUnits to be assigned cost:$ 75,000000$807,750275,200100,850 1,183,800$1,258,800Equivalent Units of Production Received from Weaving DepartmentTotal units accounted for by the Cutting DepartmentUnits to be assigned cost:Transferred to finished goods in MayInventory in process, May 31Total units to be assigned costCostsUnit costs:Total costs for May in Cutting DepartmentTotal equivalent unitsCost per equivalent unitCosts assigned to production:Inventory in process, May 1Costs incurred in MayTotal costs accounted for by the Cutting DepartmentCosts allocated to completed and partially completed units:Transferred to finished goods in MayInventory in process, May 31Total costs assigned by the Cutting DepartmentQ0Q QOQ QO0

Name: Cost of Production ReportUse the weighted average cost (WAC) method w
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Description: Cost of Production ReportUse the weighted average cost (WAC) method with the following data:Work in process, May 1, 8,000 units, 75% completedMaterials added during May from Weaving Department, 105,000 unitsDirect labor for MayFactory overhead for M

Equivalent units refer to quantity of incomplete units manufactured by the company that is expressed…

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Cost of Production Report Use the weighted average cost (WAC) method with the following data: Work in process, May 1, 8,000 units, 75% completed Materials added during May from Weaving Department, 105,000 units Direct labor for May Factory overhead for May Total production costs to account for Goods finished during May (includes goods in process, May 1), 104,000 units Work in process, May 31, 9,000 units, 10% completed $ 75,000 $807,750 275,200 100,850 1,183,800 $1,258,800 ?

Cost of Production Report Use the weighted average cost (WAC) method with the following data: Work in process, May 1, 8,000 units, 75% completed Materials added during May from Weaving Department, 105,000 units Direct labor for May Factory overhead for May Total production costs to account for Goods finished during May (includes goods in process, May 1), 104,000 units Work in process, May 31, 9,000 units, 10% completed $ 75,000 $807,750 275,200 100,850 1,183,800 $1,258,800 ?

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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