Production Cost Report Empire Aviation owns the patent to manufacture the most agile starship in the galaxy, the Tie Fighter. The company uses a process costing system that includes two departments; Assembly and Quality Control The assembly department of Empire Aviation has the following production and manufacturing cost data for January 2022. There were no unfinished units as of December 31, 2021. Production: 500 units finished and transferred out; 200 units are in ending Inventory that are 100% complete as to materials and 30% complete as to conversion costs Manufacturing costs: Materials $900,000; labor $600,000; overhead $200,000 1. Using the information above, prepare a Production Cost Report for January Peach color cells require data entry, Yellow color cells require formulas 2. Answer the questions at the end of the report. Quantities Units to be accounted for Total units Units accounted for Total units Costs Unit costs Unit costs (a) (b) Costs to be accounted for Total costs Cost Reconciliation Schedule Cost accounted for Work in Process, ianuary 31 Supplemental Questions Production Cost Report Physical Units Equivalent Units Materials Conversion Costs Total
Production Cost Report Empire Aviation owns the patent to manufacture the most agile starship in the galaxy, the Tie Fighter. The company uses a process costing system that includes two departments; Assembly and Quality Control The assembly department of Empire Aviation has the following production and manufacturing cost data for January 2022. There were no unfinished units as of December 31, 2021. Production: 500 units finished and transferred out; 200 units are in ending Inventory that are 100% complete as to materials and 30% complete as to conversion costs Manufacturing costs: Materials $900,000; labor $600,000; overhead $200,000 1. Using the information above, prepare a Production Cost Report for January Peach color cells require data entry, Yellow color cells require formulas 2. Answer the questions at the end of the report. Quantities Units to be accounted for Total units Units accounted for Total units Costs Unit costs Unit costs (a) (b) Costs to be accounted for Total costs Cost Reconciliation Schedule Cost accounted for Work in Process, ianuary 31 Supplemental Questions Production Cost Report Physical Units Equivalent Units Materials Conversion Costs Total
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Ss.119.
Transcribed Image Text:Supplemental Questions:
1) Prepare the journal entry necessary to transfer completed units to the Quality Control Department.
2) To establish a selling price for its tie fighters, Empire Aviation uses a markup on assembly department
cost of 25%. What is the selling price per tie fighter for those completed in January?
3) Calculate 1) gross profit per unit, and 2) the gross profit %
4) The Rebellion puts an order in to Empire Aviation for 800 Tie Fighters. The Empire, believing the
Rebellion to be no threat to their supreme power, decides to accept the order. What is the total gross
profit on this sale?
Transcribed Image Text:Production Cost Report
Empire Aviation owns the patent to manufacture the most agile starship in the galaxy,
the Tie Fighter. The company uses a process costing system that includes two
departments; Assembly and Quality Control.
The assembly department of Empire Aviation has the following production and
manufacturing cost data for January 2022. There were no unfinished units as of
December 31, 2021.
Production: 500 units finished and transferred out; 200 units are in ending
inventory that are 100% complete as to materials and 30% complete as to
conversion costs.
Manufacturing costs: Materials $900,000; labor $600,000; overhead $200,000.
1. Using the information above, prepare a Production Cost Report for January
Peach color cells require data entry, Yellow color cells require formulas.
2. Answer the questions at the end of the report.
Quantities
Units to be accounted for
Total units
Units accounted for
Total units
Costs
Unit costs
Unit costs (a) (b)
Costs to be accounted for
Total costs
Cost Reconciliation Schedule
Cost accounted for
Work in Process, January 31
Supplemental Questions
Production Cost Report
Physical
Units
Equivalent Units
Materials
Conversion
Costs
Total
to the Quality Central Department
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