Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The production process goes through two departments assembly and testing. The following information (in thousands of South Korean currency, the won) pertains to the testing department for the month of July. Work-in-Process Inventory, July 1 Transferred-in costs Costs added in July Direct materials Conversion 6,000 units 110,800 won (100% complete) 38,500 won (100% complete) 56,960 won (80% complete) During the month of July, 15,000 units were transferred in from the assembly department at the cost of 151,700 won, and the testing department added costs of 213.420 won, as follows: Direct materials Conversion 98,120 won 115 300 won During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage of Work-in-Process was as follows: Direct materials Conversion. 90% 60% Required 1. Prepare the production cost report of the testing department for the month of July using weighted-average process costing. (Round "Cost per EU" answers to 2 decimal places.) Process Cost Report Production Quantity Information Input: Beginning WIP Units started or trans-in Stage of Completion Physical Units Trans-in Direct Materials Conversion Total to account for Output: 0 % % %
Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The production process goes through two departments assembly and testing. The following information (in thousands of South Korean currency, the won) pertains to the testing department for the month of July. Work-in-Process Inventory, July 1 Transferred-in costs Costs added in July Direct materials Conversion 6,000 units 110,800 won (100% complete) 38,500 won (100% complete) 56,960 won (80% complete) During the month of July, 15,000 units were transferred in from the assembly department at the cost of 151,700 won, and the testing department added costs of 213.420 won, as follows: Direct materials Conversion 98,120 won 115 300 won During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage of Work-in-Process was as follows: Direct materials Conversion. 90% 60% Required 1. Prepare the production cost report of the testing department for the month of July using weighted-average process costing. (Round "Cost per EU" answers to 2 decimal places.) Process Cost Report Production Quantity Information Input: Beginning WIP Units started or trans-in Stage of Completion Physical Units Trans-in Direct Materials Conversion Total to account for Output: 0 % % %
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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Transcribed Image Text:Sanyo Corporation manufactures a popular model of business calculators in a suburb of Seoul, South Korea. The
production process goes through two departments assembly and testing. The following information (in thousands of
South Korean currency, the won) pertains to the testing department for the month of July.
Work-in-Process Inventory, July 1
Transferred-in costs
Costs added in July
Direct materials
Conversion
6,000 units
110,800 won (100% complete)
38,500 won (100% complete)
56,960 won (80% complete)
During the month of July, 15,000 units were transferred in from the assembly department at the cost of 151,700 won, and
the testing department added costs of 213.420 won, as follows:
Direct materials
Conversion
98,120 won
115 300 won
During the month, 18,000 units were completed and transferred to the warehouse. At July 31, the completion percentage
of Work-in-Process was as follows:
Direct materials
Conversion.
90%
60%
Required
1. Prepare the production cost report of the testing department for the month of July using weighted-average process costing. (Round
"Cost per EU" answers to 2 decimal places.)
Process Cost Report
Production Quantity Information
Input:
Beginning WIP
Units started or trans-in
Stage of Completion
Physical Units
Trans-in
Direct Materials
Conversion
Total to account for
Output:
0
%
%
%
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