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 384,915Factory overhead incurred 138,000 During March, all direct materials were transferred in from Department A; the units in process at March 1 were completed and transferred to finished goods; and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Stevens uses the first-in, first-out cost flow 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 31 Equivalent UnitsUNITS Whole Units Direct Materials ConversionUnits 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 costs: 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 CostsCOSTS Direct Materials Conversion TotalCost per equivalent unit: 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 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 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

CPR stands for Cost of production report refers to the report or the document which is used in the…

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		384,915
Factory overhead incurred		138,000

During March, all direct materials were transferred in from Department A; the units in process at March 1 were completed and transferred to finished goods; and of the 55,000 units entering the department, all were completed except 6,000 units that were 70% completed. Stevens uses the first-in, first-out cost flow 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
	Equivalent Units
UNITS	Whole Units	Direct Materials	Conversion
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 costs:
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
COSTS	Direct Materials	Conversion	Total
Cost per equivalent unit:
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 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 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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