Stevens Company's inventory on March 1 and the costs charged to Work in Process—Department B during March are as follows:Beginning work in process, 12,000 units, 60% completed $62,400From Department A, 55,000 units started this period Direct materials added 115,500Direct labor incurred 384,916Factory overhead incurred 138,000 During March, all direct materials were transferred from Department A, the units in process at March 1 were completed, and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Inventories are costed by the first-in, first-out method.Prepare a cost of production report for March.If required, round your cost per equivalent unit amounts to four decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer.Stevens CompanyCost of Production Report--Department BFor the Month Ended March 31Unit InformationUnits charged to production:Inventory in process, March 1fill in the blank 1Received from Dept. Afill in the blank 2Total units accounted for by Dept. Bfill in the blank 3Units to be assigned cost: Equivalent Units Whole UnitsDirect MaterialsConversionInventory in process, March 1 (60% completed)fill in the blank 4fill in the blank 5fill in the blank 6Started and completed in Marchfill in the blank 7fill in the blank 8fill in the blank 9Transferred to finished goods in Marchfill in the blank 10fill in the blank 11fill in the blank 12Inventory in process, March 31 (70% complete)fill in the blank 13fill in the blank 14fill in the blank 15Total units to be assigned costsfill in the blank 16fill in the blank 17fill in the blank 18Cost InformationCOSTS: Costs per equivalent unit: Direct MaterialsConversionTotal costs for March in Dept. B$fill in the blank 19$fill in the blank 20Total equivalent unitsfill in the blank 21fill in the blank 22Cost per equivalent unit$fill in the blank 23$fill in the blank 24Costs charged to production: Direct Materials CostsConversion CostsTotalInventory in process, March 1 $fill in the blank 25Costs incurred in March fill in the blank 26Total costs accounted for by Dept. B $fill in the blank 27Costs allocated to completed and partially completed units: Inventory in process, March 1, balance $fill in the blank 28To complete inventory in process, March 1$fill in the blank 29$fill in the blank 30fill in the blank 31Started and completed in Marchfill in the blank 32fill in the blank 33fill in the blank 34Transferred to finished goods in March $fill in the blank 35Inventory in process, March 31fill in the blank 36fill in the blank 37fill in the blank 38Total costs assigned by Dept. B $fill in the blank 39

Equivalent units are the uncompleted units at the end of an accounting year which can converted into one unit as per their percentage of completion. (I) Prepare a cost of production report for March for Stevens Company (II) (III)

Answered: Stevens Company's inventory on March 1…

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

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		384,916
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.

Stevens Company
Cost of Production Report--Department B
For the Month Ended March 31
Unit Information
Units charged to production:
Inventory in process, March 1	fill in the blank 1
Received from Dept. A	fill in the blank 2
Total units accounted for by Dept. B	fill in the blank 3
Units to be assigned cost:
		Equivalent Units
	Whole Units	Direct Materials	Conversion
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% complete)	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
Cost Information
COSTS:

Costs per equivalent unit:
	Direct Materials	Conversion
Total costs for March in Dept. 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 charged to production:
	Direct Materials Costs	Conversion Costs	Total
Inventory in process, March 1			$fill in the blank 25
Costs incurred in March			fill in the blank 26
Total costs accounted for by Dept. 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 Dept. B			$fill in the blank 39

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