Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Line Item Description Amount Beginning work in process, 12,000 units, 60% completed $62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Units Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Units charged to production: Inventory in process, March 1 fill in the blank 1 Received from Department A fill in the blank 2 Total units accounted for by Department B fill in the blank 3 Units to be assigned cost: Inventory in process, March 1 (60% completed) fill in the blank 4 fill in the blank 5 fill in the blank 6 Started and completed in March fill in the blank 7 fill in the blank 8 fill in the blank 9 Transferred to finished goods in March fill in the blank 10 fill in the blank 11 fill in the blank 12 Inventory in process, March 31 (70% completed) fill in the blank 13 fill in the blank 14 fill in the blank 15 Total units to be assigned costs fill in the blank 16 fill in the blank 17 fill in the blank 18 Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for March in Department B $fill in the blank 19 $fill in the blank 20 Total equivalent units fill in the blank 21 fill in the blank 22 Cost per equivalent unit $fill in the blank 23 $fill in the blank 24 Costs assigned to production: Inventory in process, March 1 $fill in the blank 25 Costs incurred in March fill in the blank 26 Total costs accounted for by Department B $fill in the blank 27 Costs allocated to completed and partially completed units: Inventory in process, March 1 balance $fill in the blank 28 To complete inventory in process, March 1 $fill in the blank 29 $fill in the blank 30 fill in the blank 31 Started and completed in March fill in the blank 32 fill in the blank 33 fill in the blank 34 Transferred to finished goods in March $fill in the blank 35 Inventory in process, March 31 fill in the blank 36 fill in the blank 37 fill in the blank 38 Total costs assigned by Department B $fill in the blank 39

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows: Line Item Description Amount Beginning work in process, 12,000 units, 60% completed $62,400 From Department A, 55,000 units started this period Direct materials added 115,500 Direct labor incurred 384,915 Factory overhead incurred 138,000 During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method. Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Units Whole Units Equivalent Units Direct Materials Equivalent Units Conversion Units charged to production: Inventory in process, March 1 fill in the blank 1 Received from Department A fill in the blank 2 Total units accounted for by Department B fill in the blank 3 Units to be assigned cost: Inventory in process, March 1 (60% completed) fill in the blank 4 fill in the blank 5 fill in the blank 6 Started and completed in March fill in the blank 7 fill in the blank 8 fill in the blank 9 Transferred to finished goods in March fill in the blank 10 fill in the blank 11 fill in the blank 12 Inventory in process, March 31 (70% completed) fill in the blank 13 fill in the blank 14 fill in the blank 15 Total units to be assigned costs fill in the blank 16 fill in the blank 17 fill in the blank 18 Costs Direct Materials Conversion Total Costs Cost per equivalent unit: Total costs for March in Department B $fill in the blank 19 $fill in the blank 20 Total equivalent units fill in the blank 21 fill in the blank 22 Cost per equivalent unit $fill in the blank 23 $fill in the blank 24 Costs assigned to production: Inventory in process, March 1 $fill in the blank 25 Costs incurred in March fill in the blank 26 Total costs accounted for by Department B $fill in the blank 27 Costs allocated to completed and partially completed units: Inventory in process, March 1 balance $fill in the blank 28 To complete inventory in process, March 1 $fill in the blank 29 $fill in the blank 30 fill in the blank 31 Started and completed in March fill in the blank 32 fill in the blank 33 fill in the blank 34 Transferred to finished goods in March $fill in the blank 35 Inventory in process, March 31 fill in the blank 36 fill in the blank 37 fill in the blank 38 Total costs assigned by Department B $fill in the blank 39

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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Question

Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows:

Line Item Description	Amount
Beginning work in process, 12,000 units, 60% completed	$62,400
From Department A, 55,000 units started this period
Direct materials added	115,500
Direct labor incurred	384,915
Factory overhead incurred	138,000

During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method.

Prepare a cost of production report for March. If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer.

Units	Whole Units	Equivalent Units Direct Materials	Equivalent Units Conversion
Units charged to production:
Inventory in process, March 1	fill in the blank 1
Received from Department A	fill in the blank 2
Total units accounted for by Department B	fill in the blank 3
Units to be assigned cost:
Inventory in process, March 1 (60% completed)	fill in the blank 4	fill in the blank 5	fill in the blank 6
Started and completed in March	fill in the blank 7	fill in the blank 8	fill in the blank 9
Transferred to finished goods in March	fill in the blank 10	fill in the blank 11	fill in the blank 12
Inventory in process, March 31 (70% completed)	fill in the blank 13	fill in the blank 14	fill in the blank 15
Total units to be assigned costs	fill in the blank 16	fill in the blank 17	fill in the blank 18

Costs	Direct Materials	Conversion	Total Costs
Cost per equivalent unit:
Total costs for March in Department B	$fill in the blank 19	$fill in the blank 20
Total equivalent units	fill in the blank 21	fill in the blank 22
Cost per equivalent unit	$fill in the blank 23	$fill in the blank 24
Costs assigned to production:
Inventory in process, March 1			$fill in the blank 25
Costs incurred in March			fill in the blank 26
Total costs accounted for by Department B			$fill in the blank 27
Costs allocated to completed and partially completed units:
Inventory in process, March 1 balance			$fill in the blank 28
To complete inventory in process, March 1	$fill in the blank 29	$fill in the blank 30	fill in the blank 31
Started and completed in March	fill in the blank 32	fill in the blank 33	fill in the blank 34
Transferred to finished goods in March			$fill in the blank 35
Inventory in process, March 31	fill in the blank 36	fill in the blank 37	fill in the blank 38
Total costs assigned by Department B			$fill in the blank 39

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