Preparing production cost report, missing amountsComplete the missing amounts in the following production report. Materials are added at the beginning of the process; conversion costs are incurred evenly, the ending inventory is 60% complete. The company uses the weighted-average method. NATHAN COMPANYProduction Cost Report-FINISHING DEPARTMENTMonth Ended September 30, 2018Equivalent UnitsPhysicalUnitsDirectMaterialsConversionUNITSCostsUnits to account for:Beginning work-in-processStarted in productionTotal units to account for5002,200(a)Units accounted for:Completed and transferred outEnding work-in-processTotal units accounted for(b)(d)G)500(e)(h)()()DirectMaterialsConversionCOSTSTotalCostsCostsCosts to account for:Beginning work-in-process$ 1,200$ 2,140Costs added during periodTotal costs to account forDivided by: Total EUPCost per equivalent unit12,0308,3109,250(k)22,480(m)(0)(n)0)Costs accounted for:Completed and transferred out(9)(1)()(u)Ending work-in-processTotal costs accounted for(V)(w)(x)$ 22,480

Answered: Image /qna-images/answer/4b8885d9-414c-4dd8-a620-af6ffebd942f.jpg

Answered: NATHAN COMPANY Production Cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Concept explainers

Question

Preparing production cost report, missing amounts

Complete the missing amounts in the following production report. Materials are added at the beginning of the process; conversion costs are incurred evenly, the ending inventory is 60% complete. The company uses the weighted-average method.

NATHAN COMPANY
Production Cost Report-FINISHING DEPARTMENT
Month Ended September 30, 2018
Equivalent Units
Physical
Units
Direct
Materials
Conversion
UNITS
Costs
Units to account for:
Beginning work-in-process
Started in production
Total units to account for
500
2,200
(a)
Units accounted for:
Completed and transferred out
Ending work-in-process
Total units accounted for
(b)
(d)
G)
500
(e)
(h)
()
()
Direct
Materials
Conversion
COSTS
Total
Costs
Costs
Costs to account for:
Beginning work-in-process
$ 1,200
$ 2,140
Costs added during period
Total costs to account for
Divided by: Total EUP
Cost per equivalent unit
12,030
8,310
9,250
(k)
22,480
(m)
(0)
(n)
0)
Costs accounted for:
Completed and transferred out
(9)
(1)
()
(u)
Ending work-in-process
Total costs accounted for
(V)
(w)
(x)
$ 22,480

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 3 steps with 9 images

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions