Cost of Production Report: Weighted Average Method Assuming that direct materials are placed in process during production, use the weighted average method with the following data: Work in process, January 1, 3,400 units, 75% completed Materials added during January from Weaving Department, 64,000 units Direct labor for January Factory overhead for January Goods finished during January (includes goods in process, January 1), 63,500 units Work in process, January 31, 3,900 units, 10% completed Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. If required, round your cost per equivalent unit answer to the nearest cent. Dalton Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Units Units charged to production: Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned costs $23,000 366,200 105,100 80,710 Costs Cost per equivalent unit: Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Whole Units Equivalent Units of Production Costs
Cost of Production Report: Weighted Average Method Assuming that direct materials are placed in process during production, use the weighted average method with the following data: Work in process, January 1, 3,400 units, 75% completed Materials added during January from Weaving Department, 64,000 units Direct labor for January Factory overhead for January Goods finished during January (includes goods in process, January 1), 63,500 units Work in process, January 31, 3,900 units, 10% completed Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. If required, round your cost per equivalent unit answer to the nearest cent. Dalton Carpet Company Cost of Production Report-Cutting Department For the Month Ended January 31 Units Units charged to production: Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned costs $23,000 366,200 105,100 80,710 Costs Cost per equivalent unit: Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Whole Units Equivalent Units of Production Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Dalton Carpet Company
Cost of Production Report-Cutting Department
For the Month Ended January 31
Units
Units charged to production:
Inventory in process, January 1
Received from Weaving Department
Total units accounted for by the Cutting Department
Units to be assigned costs:
Transferred to finished goods in January
Inventory in process, January 31
Total units to be assigned costs
Costs
Cost per equivalent unit:
Total costs for January in Cutting Department
Total equivalent units
Cost per equivalent unit
Costs assigned to production:
Inventory in process, January 1
Costs incurred in January
Total costs accounted for by the Cutting Department
Costs allocated to completed and partially completed units:
Transferred to finished goods in January
Inventory in process, January 31
Total costs assigned by the Cutting Department
Whole Units
Equivalent Units
of Production
Costs
Transcribed Image Text:Cost of Production Report: Weighted Average Method
Assuming that direct materials are placed in process during production, use the weighted average method with the following data:
Work in process, January 1, 3,400 units, 75% completed
Materials added during January from Weaving Department, 64,000 units
Direct labor for January
Factory overhead for January
Goods finished during January (includes goods in process, January 1), 63,500 units
Work in process, January 31, 3,900 units, 10% completed
Prepare a cost of production report for the Cutting Department of Dalton Carpet Company for January. If required, round your cost per equivalent unit answer to the nearest cent.
Dalton Carpet Company
Cost of Production Report-Cutting Department
For the Month Ended January 31
Units
Units charged to production:
Inventory in process, January 1
Received from Weaving Department
Total units accounted for by the Cutting Department
Units to be assigned costs:
Transferred to finished goods in January
Inventory in process, January 31
Total units to be assigned costs
$23,000
366,200
105,100
80,710
Costs
Cost per equivalent unit:
Total costs for January in Cutting Department
Total equivalent units
Cost per equivalent unit
Whole Units
Equivalent Units
of Production
Costs
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