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In: Accounting
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at...
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Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at the beginning of the first process. Austin uses the first-in, first-out method of inventory costing. Unit and cost data for the first process (Department A) for the month of December follow:
Units Completion Cost Work in process inventory: December 1 12,000 60% $140,400 December 31 5,000 40% ? Started in December: 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 ? Prepare Austin's Department A cost of production report for December.
Round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer.
Austin Company Cost of Production Report—Department A For the Month Ended December 31 Unit Information Units charged to production: Inventory in process, December 1 Received from materials storeroom Total units accounted for by Department A Units to be assigned cost: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, December 1 (60% completed) Started and completed in December Transferred to Dept. B in December Inventory in process, December 31 (40% complete) Total units to be assigned costs Cost Information COSTS: Direct Materials Costs Conversion Costs Costs per equivalent unit: Total costs for December in Department A $ $ Total equivalent units Cost per equivalent unit $ $ Costs charged to production: Direct Materials Costs Conversion Costs Total Costs Inventory in process, December 1 $ Costs incurred in December Total costs accounted for by Department A $ Costs allocated to completed and partially completed units: Inventory in process, December 1, balance $ To complete inventory in process, December 1 $ $ Started and completed in December Transferred to finished goods in December $ Inventory in process, December 31 Total costs assigned by Department A $
Solutions
Expert Solution
| Austin Company | |||
| Cost of Production Report—Department A | |||
| For the Month Ended December 31 | |||
| Unit Information | |||
| Units charged to production: | |||
| Inventory in process, December 1 | 12000 | ||
| Received from materials storeroom | 14000 | ||
| Total units accounted for by Department A | 26000 | ||
| Units to be assigned cost: | |||
| Equivalent Units | |||
| Whole Units | Direct Materials | Conversion | |
| Inventory in process, December 1 (60% completed) | 12000 | 0 | 4800 |
| Started and completed in December | 9000 | 9000 | 9000 |
| Transferred to Dept. B in December | 21000 | 9000 | 13800 |
| Inventory in process, December 31 (40% complete) | 5000 | 5000 | 2000 |
| Total units to be assigned costs | 26000 | 14000 | 15800 |
| Cost Information | |||
| COSTS: | |||
| Direct Materials Costs | Conversion Costs | ||
| Costs per equivalent unit: | |||
| Total costs for December in Department A | 106400 | 70310 | |
| Total equivalent units | 14000 | 15800 | |
| Cost per equivalent unit | 7.60 | 4.45 | |
| Costs charged to production: | |||
| Direct Materials Costs | Conversion Costs | Total Costs | |
| Inventory in process, December 1 | 140400 | ||
| Costs incurred in December | 176710 | ||
| Total costs accounted for by Department A | 317110 | ||
| Costs allocated to completed and partially completed units: | |||
| Inventory in process, December 1, balance | 140400 | ||
| To complete inventory in process, December 1 | 0 | 21360 | 21360 |
| Started and completed in December | 68400 | 40050 | 108450 |
| Transferred to finished goods in December | 270210 | ||
| Inventory in process, December 31 | 38000 | 8900 | 46900 |
| Total costs assigned by Department A | 317110 | ||
ekkarill92 answered 11 months agoRelated Solutions
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at...
Austin Co. manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
Austin Co. manufactures a product called Aster in a three-process series. All materials are introduced at...
Austin Co. manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
Austin Company manufactures a product called Aster in a three-process series. All materials are introduced at...
Austin Company manufactures a product called Aster in a
three-process series. All materials are introduced at the beginning
of the first process. Austin uses the first-in, first-out method of
inventory costing. Unit and cost data for the first process
(Department A) for the month of December follow:
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
?
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
?...
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced...
Dover Chemical Company manufactures specialty chemicals by a
series of three processes, all materials being introduced in the
Distilling Department. From the Distilling Department, the
materials pass through the Reaction and Filling departments,
emerging as finished chemicals.
The balance in the account Work in Process—Filling was as
follows on January 1:
Work in Process—Filling Department
(3,400 units, 70% completed):
Direct materials (3,400 x $16.80)
$57,120
Conversion (3,400 x 70% x $10.90)
25,942
$83,062
The following costs were charged to Work...
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced...
Dover Chemical Company manufactures specialty chemicals by a
series of three processes, all materials being introduced in the
Distilling Department. From the Distilling Department, the
materials pass through the Reaction and Filling departments,
emerging as finished chemicals.
The balance in the account Work in Process—Filling was as
follows on January 1:
Work in Process—Filling Department
(4,200 units, 70% completed):
Direct materials (4,200 x $16.2)
$68,040
Conversion (4,200 x 70% x $10.6)
31,164
$99,204
The following costs were charged to Work...
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced...
Dover Chemical Company manufactures specialty chemicals by a
series of three processes, all materials being introduced in the
Distilling Department. From the Distilling Department, the
materials pass through the Reaction and Filling departments,
emerging as finished chemicals.
The balance in the account Work in Process—Filling
was as follows on January 1:
Work in Process - Filing Department
(3,400 units, 60% completed)
Direct Materials (3,400 x $9.58)
$32,572
Conversion (3,400 x $3.90)
$ 7,956
TOTAL
$40,528
The following costs were charged...
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced...
Dover Chemical Company manufactures specialty chemicals by a
series of three processes, all materials being introduced in the
Distilling Department. From the Distilling Department, the
materials pass through the Reaction and Filling departments,
emerging as finished chemicals.
The balance in the account Work in Process—Filling was as
follows on January 1:
Work in Process—Filling Department
(3,400 units, 70% completed):
Direct materials (3,400 x $16.80)
$57,120
Conversion (3,400 x 70% x $10.90)
25,942
$83,062
The following costs were charged to Work...
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced...
Dover Chemical Company manufactures specialty chemicals by a
series of three processes, all materials being introduced in the
Distilling Department. From the Distilling Department, the
materials pass through the Reaction and Filling departments,
emerging as finished chemicals.
The balance in the account Work in Process—Filling was as
follows on January 1:
Work in Process—Filling Department
(4,100 units, 80% completed):
Direct materials (4,100 x $17.2)
$70,520
Conversion (4,100 x 80% x $11.2)
36,736
$107,256
The following costs were charged to Work...
Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced...
Dover Chemical Company
manufactures specialty chemicals by a series of three processes,
all materials being introduced in the Distilling Department. From
the Distilling Department, the materials pass through the Reaction
and Filling departments, emerging as finished chemicals.
The balance in the
account Work in Process—Filling was as follows on January 1:
Work in Process—Filling Department
(2,700 units, 80% completed):
Direct materials (2,700 x $10.5)
$28,350
Conversion (2,700 x 80% x $6.7)
14,472
$42,822
The following costs
were charged to Work...
Dover Chemical Company manufactures specialty chemical by a series of three processes, all materials being introduced...
Dover Chemical Company manufactures specialty chemical by a
series of three processes, all materials being introduced in the
Distilling Department. From the Distilling Department, the
materials pass through the Reaction and Filling separtments,
emerging as finished chemicals,
The balance in the account Work in Process-Filling was as
follows
Work in Process- Filling Department
(3,400 units, 60% completed):
Direct Materials $32,520
Conversion (3,400x60%x3.90) 7956
40520
The following costs were charged to Work in Process-Filling
during January
Direct Materias transferres from Reaction...
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