Production Cost ReportEquivalent UnitsQuantitiesPhysical UnitsDirect Materials Conversion CostsUnits to be accounted for: (Step 1)(Step 1)Work in process, June 1stStarted into productionTotal unitsEquivalent Units (Step 2)Direct Materials Conversion CostsUnits accounted for: (Step 2)Completed & transferred out (DM 100%; CC 100%)Work in process, June 30th (DM 100%; CC 30%)Total unitsTotal ProductionCostsCostsDirect Materials Conversion Costs(Step 3)Total Costs incurred to dateDivide by equivalent unitsCosts per unitCosts to be accounted forWork in process, June 1stStarted into productionTotal CostsCost Reconciliation Schedule(Step 4)Costs accounted for:Completed and transferred out (DM 100%; CC 100%)Work in process, June 30th:Direct Materials (100%)Conversion Costs (30%)Total Costs (?) This spreadsheet has missing fonts.Ch16 Case Study Assignment - Part 3Production Cost Report ProblemThe Wizarding Company uses the Process Cost System and the Average Costing Method.Materials and Conversion costs are added evenly throughout the process. The followingproduction data are for the Mixing Dept for the month of June (Round unit costs to twodecimal places):Production CostsWork in process, June 1st:Direct Materials: 100% complete$3,8004,600$8,400Conversion Costs: 70% completeCosts incurred during production in June:Direct Materials$17,000Conversion Costs20,00037,000Total Costs for June$45,400Production ReportUnitsWork in process, June 1st2005,000Units started in production during JuneUnits completed & transferred out (DM 100%; CC 100%)4,800Work in process, June 30th (DM 100%; CC 30%)4001: Prepare a Production Cost Report using the Average Cost Method.Production Cost Report

Name: Production Cost ReportEquivalent UnitsQuantitiesPhysical UnitsDirect
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Description: Production Cost ReportEquivalent UnitsQuantitiesPhysical UnitsDirect Materials Conversion CostsUnits to be accounted for: (Step 1)(Step 1)Work in process, June 1stStarted into productionTotal unitsEquivalent Units (Step 2)Direct Materials Conversion

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The Wizarding Company uses the Process Cost System and the Average Costing Method. Materials and Conversion costs are added evenly throughout the process. The following production data are for the Mixing Dept for the month of June (Round unit costs to two decimal places): Production Costs Work in process, June 1st: Direct Materials: 100% complete $3,800 Conversion Costs: 70% complete 4,600 $8,400 Costs incurred during production in June: Direct Materials $17,000 Conversion Costs 20,000 37,000 Total Costs for June $45,400 Production Report Units Work in process, June 1st 200 Units started in production during June Units completed & transferred out (DM 100%; CC 100%) 5,000 4,800 Work in process, June 30th (DM 100%; CC 30%) 400 1: Prepare a Production Cost Report using the Average Cost Method.

The Wizarding Company uses the Process Cost System and the Average Costing Method. Materials and Conversion costs are added evenly throughout the process. The following production data are for the Mixing Dept for the month of June (Round unit costs to two decimal places): Production Costs Work in process, June 1st: Direct Materials: 100% complete $3,800 Conversion Costs: 70% complete 4,600 $8,400 Costs incurred during production in June: Direct Materials $17,000 Conversion Costs 20,000 37,000 Total Costs for June $45,400 Production Report Units Work in process, June 1st 200 Units started in production during June Units completed & transferred out (DM 100%; CC 100%) 5,000 4,800 Work in process, June 30th (DM 100%; CC 30%) 400 1: Prepare a Production Cost Report using the Average Cost Method.

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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