Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $11,000 Beginning inventory: conversion 20,000 Direct material 37,000 Direct labor 76,000 Applied overhead 24,384 Total costs to account for $168,384 Units to Account For Beginning work in process 4,000 Units started into production 20,000 Transferred out 18,000 Production Cost Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units Conversion Units Total Units Completed and transferred out fill in the blank 4 fill in the blank 5 fill in the blank 6 Ending work in process fill in the blank 7 fill in the blank 8 fill in the blank 9 Total units to account for fill in the blank 10 fill in the blank 11 fill in the blank 12 Costs to account for Materials Conversion Total Beginning work in process $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Incurred during the period fill in the blank 16 fill in the blank 17 fill in the blank 18 Total costs to account for $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit for department $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 Transferred out costs $fill in the blank 27 End work in process: materials $fill in the blank 28 End work in process: conversion fill in the blank 29 End work in process: total fill in the blank 30 Costs to account for $fill in the blank 31
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $11,000 Beginning inventory: conversion 20,000 Direct material 37,000 Direct labor 76,000 Applied overhead 24,384 Total costs to account for $168,384 Units to Account For Beginning work in process 4,000 Units started into production 20,000 Transferred out 18,000 Production Cost Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units Conversion Units Total Units Completed and transferred out fill in the blank 4 fill in the blank 5 fill in the blank 6 Ending work in process fill in the blank 7 fill in the blank 8 fill in the blank 9 Total units to account for fill in the blank 10 fill in the blank 11 fill in the blank 12 Costs to account for Materials Conversion Total Beginning work in process $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Incurred during the period fill in the blank 16 fill in the blank 17 fill in the blank 18 Total costs to account for $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit for department $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 Transferred out costs $fill in the blank 27 End work in process: materials $fill in the blank 28 End work in process: conversion fill in the blank 29 End work in process: total fill in the blank 30 Costs to account for $fill in the blank 31
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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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Question
Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.
| Costs to Account For | |
| Beginning inventory: materials | $11,000 |
| Beginning inventory: conversion | 20,000 |
| Direct material | 37,000 |
| Direct labor | 76,000 |
| Applied |
24,384 |
| Total costs to account for | $168,384 |
| Units to Account For | |
| Beginning work in process | 4,000 |
| Units started into production | 20,000 |
| Transferred out | 18,000 |
| Production Cost Report | |||
| Completed and transferred out | fill in the blank 1 | ||
| Ending work in process | fill in the blank 2 | ||
| Total units to account for | fill in the blank 3 | ||
| Work in process completion percent | 100% | 20% | |
| Material Units | Conversion Units | Total Units | |
| Completed and transferred out | fill in the blank 4 | fill in the blank 5 | fill in the blank 6 |
| Ending work in process | fill in the blank 7 | fill in the blank 8 | fill in the blank 9 |
| Total units to account for | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 |
| Costs to account for | Materials | Conversion | Total |
| Beginning work in process | $fill in the blank 13 | $fill in the blank 14 | $fill in the blank 15 |
| Incurred during the period | fill in the blank 16 | fill in the blank 17 | fill in the blank 18 |
| Total costs to account for | $fill in the blank 19 | $fill in the blank 20 | $fill in the blank 21 |
| Equivalent units | fill in the blank 22 | fill in the blank 23 | |
| Cost per equivalent unit for department | $fill in the blank 24 | $fill in the blank 25 | $fill in the blank 26 |
| Transferred out costs | $fill in the blank 27 | ||
| End work in process: materials | $fill in the blank 28 | ||
| End work in process: conversion | fill in the blank 29 | ||
| End work in process: total | fill in the blank 30 | ||
| Costs to account for | $fill in the blank 31 |
|
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