**Trout, Inc. Production Report****Objective:** Fill in the missing amounts. *(Round your "Cost per Equivalent Unit" answers to 2 decimal places.)***Process Costing Production Report (Weighted Average Method)**---**Step 1: Units****Units to be Accounted for:**- **Beginning Work in Process:** 3,100 - **Started into Production:** - Total Units: 7,500**Units Accounted for as Follows:**- **Completed and Transferred:** - Materials: 3,500 - Conversion: 3,500- **Ending Work in Process:** - Materials: 4,000 - Conversion: 2,800- **Total Units:** - Materials: 7,500 - Conversion: 6,300---**Step 2: Costs****Step 3: Cost per Equivalent Unit**- **Cost of Beginning Inventory:** - Materials: $19,200 - Conversion: $14,000 - Total Cost: $33,200- **Current Period Costs:** - Materials: $153,300 - Conversion: $181,300 - Total Cost: $334,600- **Total Cost of Units in Process:** - Materials: $172,500 - Conversion: $195,300 - Total Cost: $367,800- **Equivalent Units:** - Materials: 7,500 - Conversion: 6,300- **Cost per Equivalent Unit:** - Materials: $23.00 - Conversion: $31.00---**Step 4: Reconcile Work in Process**---This production report helps in understanding the cost allocation in a manufacturing environment using the Weighted Average Method. It includes data about the units and the associated material and conversion costs. ### Production Cost Analysis Table#### Step 1: Units Started into Production- **Started into Production**: 7,500- **Total Units**: 7,500#### Units Accounted for- **Completed and Transferred**: - Materials: 3,500 - Conversion: 3,500- **Ending Work in Process**: - Materials: 4,000 - Conversion: 4,000- **Total Units**: 7,500 for both Materials and Conversion#### Step 2: Equivalent Units Calculation- **Materials**: 7,500- **Conversion**: 6,300#### Step 3: Cost per Equivalent Unit- **COSTS**: - **Cost of Beginning Inventory**: - Materials: $19,200 - Conversion: $14,000 - Total Cost: $33,200 - **Current Period Costs**: - Materials: $153,300 - Conversion: $181,300 - Total Cost: $334,600 - **Total Cost of Units in Process**: - Materials: $172,500 - Conversion: $195,300 - Total Cost: $367,800- **Equivalent Units**: - Materials: 7,500 - Conversion: 6,300- **Cost per Equivalent Unit**: - $31.00#### Step 4: Reconcile Work in Process- **Cost to be Accounted For**: - **Beginning Work in Process**: - Materials: $19,200 - Conversion: $14,000 - Total Cost: $33,200 - **Current Period Costs**: - Materials: $153,300 - Conversion: $181,300 - Total Cost: $334,600 - **Total Costs**: - Materials: $172,500 - Conversion: $195,300 - Total Cost: $367,800- **Cost Accounted for as Follows**: - **Units Completed and Transferred**: - Materials: $108,500 - Conversion: - **Ending Inventory**: - Conversion: $86,800 - Total Cost for Units

Name: **Trout, Inc. Production Report****Objective:** Fill in the missing
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Description: **Trout, Inc. Production Report****Objective:** Fill in the missing amounts. *(Round your "Cost per Equivalent Unit" answers to 2 decimal places.)***Process Costing Production Report (Weighted Average Method)**---**Step 1: Units****Units to be Acco

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Required: Fil in the missing amounts. (Round your "Cost per Equivalent Unit" answers to 2 decimal places.) Trout, Inc prepared the following TROUT, INC. Process Costing Production Report (Weighted Average Method) Step 1: Physlcal Units UNITS Units to be Accounted for 3,100 Beginning Work in Process Started into Production 7,500 Step 2 Total Units Equivalent Units Units Accounted for as Follows: Materials Conversion Completed and Transferred 3,500 3,500 Ending Work in Process 4,000 4,000 Total Units 7,500 7,500 6,300 COSTS Step 3: Cost per Equivalent Unit Materials Conversion Total Cost Cost of Beginning Inventory Current Period Costs $ 19,200 $ 14,000 $ 33,200 Total Cost of Units in Process 153,300 181,300 $ 172,500 $ 195,300 $ 367,800 Equivalent Units 334,600 Cont per Equivalent Unit 7,500 6,300 $ 31.00

Required: Fil in the missing amounts. (Round your "Cost per Equivalent Unit" answers to 2 decimal places.) Trout, Inc prepared the following TROUT, INC. Process Costing Production Report (Weighted Average Method) Step 1: Physlcal Units UNITS Units to be Accounted for 3,100 Beginning Work in Process Started into Production 7,500 Step 2 Total Units Equivalent Units Units Accounted for as Follows: Materials Conversion Completed and Transferred 3,500 3,500 Ending Work in Process 4,000 4,000 Total Units 7,500 7,500 6,300 COSTS Step 3: Cost per Equivalent Unit Materials Conversion Total Cost Cost of Beginning Inventory Current Period Costs $ 19,200 $ 14,000 $ 33,200 Total Cost of Units in Process 153,300 181,300 $ 172,500 $ 195,300 $ 367,800 Equivalent Units 334,600 Cont per Equivalent Unit 7,500 6,300 $ 31.00

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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