North Country Wood Toys makes wooden toys for children of all ages. They use two departments: Cutting and Assembly. Toy pieces cut into formed shapes are transferred in from the Cutting Department at the beginning of the Assembly Departments process. The Assembly Department's conversion costs are added evenly throughout the process, while the Direct Materials are added at the end of the process (boxes). A review of the cost information for October shows: North Country Wood Toys Cutting Dept. Assembly Dept. UNITS Beginning WIP 0 5,800 Started in Production 52,000 to be calculated Transferred out in October 43,000 41,000 Beginning WIP - % complete 60% Ending WIP - % complete 20% 30% COSTS Beginning WIP - Transferred in costs $0.00 $22,700.00 Beginning WIP - Materials costs $0.00 $0.00 Beginning WIP - Conversion Costs $0.00 $1,000.00 Direct Materials $142,000.00 $17,400.00 Conversion costs: Direct Labor $19,300.00 $3,750.00 Manufacturing Overhead $48,300.00 $10,400.00 Total Conversion Costs $67,600.00 $14,150.00 Total Costs of Units Transferred to Assembly $185,000.00 Complete the production cost report for the Assembly Department. (Round your answers to two decimal places when needed and use rounded answers for all future calculations). North Country Wood Toys Equivalent Units UNITS Whole Units Transferred In Direct Material Conversion Costs Units to account for: Beginning work-in-process Started in production Total units to account for Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for North Country Wood Toys COSTS Transferred In Direct Materials Conversion Costs Total Costs Costs to account for: Beginning work-in-process Transferred in costs from Cutting Dept. Costs added during period Total costs to account for Divided by: Total EUP Cost per equivalent unit Costs accounted for: Completed and transferred out Ending work-in-process Total costs accounted for

North Country Wood Toys makes wooden toys for children of all ages. They use two departments: Cutting and Assembly. Toy pieces cut into formed shapes are transferred in from the Cutting Department at the beginning of the Assembly Departments process. The Assembly Department's conversion costs are added evenly throughout the process, while the Direct Materials are added at the end of the process (boxes). A review of the cost information for October shows: North Country Wood Toys Cutting Dept. Assembly Dept. UNITS Beginning WIP 0 5,800 Started in Production 52,000 to be calculated Transferred out in October 43,000 41,000 Beginning WIP - % complete 60% Ending WIP - % complete 20% 30% COSTS Beginning WIP - Transferred in costs $0.00 $22,700.00 Beginning WIP - Materials costs $0.00 $0.00 Beginning WIP - Conversion Costs $0.00 $1,000.00 Direct Materials $142,000.00 $17,400.00 Conversion costs: Direct Labor $19,300.00 $3,750.00 Manufacturing Overhead $48,300.00 $10,400.00 Total Conversion Costs $67,600.00 $14,150.00 Total Costs of Units Transferred to Assembly $185,000.00 Complete the production cost report for the Assembly Department. (Round your answers to two decimal places when needed and use rounded answers for all future calculations). North Country Wood Toys Equivalent Units UNITS Whole Units Transferred In Direct Material Conversion Costs Units to account for: Beginning work-in-process Started in production Total units to account for Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for North Country Wood Toys COSTS Transferred In Direct Materials Conversion Costs Total Costs Costs to account for: Beginning work-in-process Transferred in costs from Cutting Dept. Costs added during period Total costs to account for Divided by: Total EUP Cost per equivalent unit Costs accounted for: Completed and transferred out Ending work-in-process Total costs accounted for

Name: North Country Wood Toys makes wooden toys for children of all ages. Th
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Description: North Country Wood Toys makes wooden toys for children of all ages. They use two departments: Cutting and Assembly. Toy pieces cut into formed shapes are transferred in from the Cutting Department at the beginning of the Assembly Departments process.

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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North Country Wood Toys	Cutting Dept.	Assembly Dept.
UNITS
Beginning WIP	0	5,800
Started in Production	52,000	to be calculated
Transferred out in October	43,000	41,000
Beginning WIP - % complete		60%
Ending WIP - % complete	20%	30%
COSTS
Beginning WIP - Transferred in costs	$0.00	$22,700.00
Beginning WIP - Materials costs	$0.00	$0.00
Beginning WIP - Conversion Costs	$0.00	$1,000.00
Direct Materials	$142,000.00	$17,400.00
Conversion costs:
Direct Labor	$19,300.00	$3,750.00
Manufacturing Overhead	$48,300.00	$10,400.00
Total Conversion Costs	$67,600.00	$14,150.00
Total Costs of Units Transferred to Assembly	$185,000.00

Complete the production cost report for the Assembly Department.

(Round your answers to two decimal places when needed and use rounded answers for all future calculations).

North Country Wood Toys

	Equivalent Units
UNITS	Whole Units	Transferred In	Direct Material	Conversion Costs
Units to account for:
Beginning work-in-process
Started in production
Total units to account for
Units accounted for:
Completed and transferred out
Ending work-in-process
Total units accounted for

North Country Wood Toys

COSTS	Transferred In	Direct Materials	Conversion Costs	Total Costs
Costs to account for:
Beginning work-in-process
Transferred in costs from Cutting Dept.
Costs added during period
Total costs to account for
Divided by: Total EUP
Cost per equivalent unit
Costs accounted for:
Completed and transferred out
Ending work-in-process
Total costs accounted for

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