Exercise 21-13 The Welding Department of Crane Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 14,500 units, 1/10 complete Materials $17,500 Units transferred out 54,500 Conversion costs 14,160 $31,660 Units started 50,500 Materials 190,500 Ending work in process 10,500 units, 1/5 complete Labor 67,000 Overhead 37,700 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.) CRANE MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 28, 2020 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, February 1 Started into production Total units Units accounted for Transferred out Work in process, February 28 Total units Costs Materials Conversion Costs Total Unit costs Total Costs $ $ $ Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, February 1 $ Started into production Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, February 28 Materials $ Conversion costs Total costs $

Exercise 21-13 The Welding Department of Crane Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process. Manufacturing Costs Production Data Beginning work in process Beginning work in process 14,500 units, 1/10 complete Materials $17,500 Units transferred out 54,500 Conversion costs 14,160 $31,660 Units started 50,500 Materials 190,500 Ending work in process 10,500 units, 1/5 complete Labor 67,000 Overhead 37,700 Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.) CRANE MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 28, 2020 Equivalent Units Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, February 1 Started into production Total units Units accounted for Transferred out Work in process, February 28 Total units Costs Materials Conversion Costs Total Unit costs Total Costs $ $ $ Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, February 1 $ Started into production Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out $ Work in process, February 28 Materials $ Conversion costs Total costs $

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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Exercise 21-13

The Welding Department of Crane Company has the following production and manufacturing cost data for February 2020. All materials are added at the beginning of the process.

Manufacturing Costs	Production Data
Beginning work in process			Beginning work in process	14,500	units, 1/10 complete
Materials	$17,500		Units transferred out	54,500
Conversion costs	14,160	$31,660	Units started	50,500
Materials		190,500	Ending work in process	10,500	units, 1/5 complete
Labor		67,000
Overhead		37,700

Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)

CRANE MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 28, 2020
		Equivalent Units
Quantities	Physical Units	Materials	Conversion Costs
Units to be accounted for
Work in process, February 1
Started into production
Total units

Units accounted for
Transferred out
Work in process, February 28
Total units

Costs		Materials	Conversion Costs	Total
Unit costs
Total Costs		$	$	$
Equivalent units
Unit costs		$	$	$

Costs to be accounted for
Work in process, February 1				$
Started into production
Total costs				$

Cost Reconciliation Schedule
Costs accounted for
Transferred out				$
Work in process, February 28
Materials			$
Conversion costs
Total costs				$

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