Information for Nichols Manufacturing Company for the month of May is as follows: Beginning work in process: Cost of inventory at process, May 1 $5,010 Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Costs charged to Work in Process during May : Ending work in process inventory: Direct materials costs, $57,400 Units, 1,500 Direct labor costs, $20,049 Direct materials, 100% complete Factory overhead costs, $30,073 Conversion costs, 30% complete Prepare a cost of production report for the month of May, using the FIFO method. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "0". Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Beginning work in process (70% complete) Units started & completed Ending work in process (30% complete) Total units to be assigned costs Costs COSTS Direct Materials Conversion Total Unit costs: Total cost for May Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for in May Costs allocated to completed and partially completed units: Inventory in process, May 1, balance To complete inventory in process, May 1 Started and completed in May Transferred to finished goods, in May Inventory in process, May 31 Total costs accounted for in May

Information for Nichols Manufacturing Company for the month of May is as follows: Beginning work in process: Cost of inventory at process, May 1 $5,010 Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Costs charged to Work in Process during May : Ending work in process inventory: Direct materials costs, $57,400 Units, 1,500 Direct labor costs, $20,049 Direct materials, 100% complete Factory overhead costs, $30,073 Conversion costs, 30% complete Prepare a cost of production report for the month of May, using the FIFO method. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "0". Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Beginning work in process (70% complete) Units started & completed Ending work in process (30% complete) Total units to be assigned costs Costs COSTS Direct Materials Conversion Total Unit costs: Total cost for May Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for in May Costs allocated to completed and partially completed units: Inventory in process, May 1, balance To complete inventory in process, May 1 Started and completed in May Transferred to finished goods, in May Inventory in process, May 31 Total costs accounted for in May

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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Information for Nichols Manufacturing Company for the month of May is as follows:

Beginning work in process:	Cost of inventory at process, May 1	$5,010
Units, 800
Direct materials, 100% complete
Conversion costs, 70% complete

Units started in May, 14,000	Costs charged to Work in Process during May :
Ending work in process inventory:	Direct materials costs, $57,400
Units, 1,500	Direct labor costs, $20,049
Direct materials, 100% complete	Factory overhead costs, $30,073
Conversion costs, 30% complete

Prepare a cost of production report for the month of May, using the FIFO method.

If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "0".

Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31
	Equivalent Units
UNITS	Whole Units	Direct Materials	Conversion
Beginning work in process (70% complete)
Units started & completed
Ending work in process (30% complete)
Total units to be assigned costs

	Costs
COSTS	Direct Materials	Conversion	Total
Unit costs:
Total cost for May
Total equivalent units
Cost per equivalent unit

Costs charged to production:
Inventory in process, May 1
Costs incurred in May
Total costs accounted for in May

Costs allocated to completed and partially completed units:
Inventory in process, May 1, balance
To complete inventory in process, May 1
Started and completed in May
Transferred to finished goods, in May
Inventory in process, May 31
Total costs accounted for in May

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