Question

In: Accounting

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of...

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows.


Production Data—Bicycles


Units

Percentage
Complete

Work in process units, March 1 200 80 %
Units started into production 1,430
Work in process units, March 31 300 40 %


Cost Data—Bicycles

Work in process units, March 1 $ 19,100
Direct materials 50,000
Direct labor 26,100
Manufacturing overhead 29,700


Production Data—Tricycles


Units

Percentage
Complete

Work in process units, March 1 140 75 %
Units started into production 1,000
Work in process units, March 31 60 25 %


Cost Data—Tricycles

Work in process units, March 1 $ 6,300
Direct materials 30,200
Direct labor 14,200
Manufacturing overhead 19,900

Calculate the equivalent units of production for materials and conversion costs for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Materials

Conversion Costs

Equivalent Units of bicycles
Equivalent Units of tricycles

Calculate the unit costs of production for materials and conversion costs for both the bicycles and the tricycles. (Round unit costs to 3 decimal places, e.g. 25.215.)

Materials

Conversion Costs

Unit costs of bicycles
Unit costs of tricycles

Calculate the assignment of costs to units transferred out and in process at the end of the accounting period for both the bicycles and the tricycles. (Round answers to 0 decimal places, e.g. 2,520.)

Bicycles

Costs accounted for:

   Transferred out

$

   Work in process, March 1

      Materials

$

      Conversion costs

   Total costs

$


Tricycles

Costs accounted for:

   Transferred out

$

   Work in process, March 1

      Materials

$

      Conversion costs

   Total costs

$

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

OWEN COMPANY
Production Cost Report—Bicycles
For the Month Ended March 31

Equivalent Units

Quantities

Physical
Units


Materials

Conversion
Costs

Units to be accounted for

   Work in process, March 1

   Started into production

Total units

Units accounted for

   Completed and transferred out

      Work in process, March 1

      Started and completed

   Work in process, March 31

Total units


Costs


Materials

Conversion
Costs


Total

Unit costs

   Costs in March

$

$

$

   Equivalent units

   Unit costs

$

$

$

Costs to be accounted for

   Work in process, March 1

$

   Started into production

Total costs

$

Cost Reconciliation Schedule

Costs accounted for

   Transferred out

      Work in process, March 1

$

      Conversion costs to complete beginning inventory

      Started and completed

$

   Work in process, March 31

      Materials

      Conversion costs

   Total costs

$

Solutions

Expert Solution


Related Solutions

Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 200 80 % Units started into production 1,310 Work in process units, March 31 290 40 % Cost Data—Bicycles Work in process...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 190 80 % Units started into production 1,380 Work in process units, March 31 300 40 % Cost Data—Bicycles Work in process...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 200 80 % Units started into production 1,000 Work in process units, March 31 300 40 % Cost Data—Bicycles Work in process...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of...
Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 210 80 % Units started into production 1,270 Work in process units, March 31 300 40 % Cost Data—Bicycles Work in process...
Problem 17-7A Owen Company manufactures bicycles and tricycles. For both products, materials are added at the...
Problem 17-7A Owen Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Owen Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows. Production Data—Bicycles Units Percentage Complete Work in process units, March 1 190 80 % Units started into production 1,400 Work in process units, March 31 310 40 % Cost Data—Bicycles Work...
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion...
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of May are as follows. Percent Production Data—Bicycles Units Complete Work in process units, May 1 500 80% Units started in production 2,000 Work in process units, May 31 800 40% Cost Data—Bicycles Work in process, May 1 Materials $15,000 Conversion costs 18,000 $33,000 Direct materials 50,000 Direct labor 19,020 Manufacturing overhead 33,680...
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion...
Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of May are as follows. Percent Production Data—Bicycles Units Complete Work in process units, May 1 500 80% Units started in production 2,000 Work in process units, May 31 800 40% Cost Data—Bicycles Work in process, May 1 Materials $15,000 Conversion costs 18,000 $33,000 Direct materials 50,000 Direct labor 19,020 Manufacturing overhead 33,680...
CHAPTER 16 Swinn Company manufactures bicycles. Materials are added at the beginning of the production process,...
CHAPTER 16 Swinn Company manufactures bicycles. Materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Production and cost data for the month of May are as follows. Percent Production Data—Bicycles Units Complete Work in process units, May 1 500 80% Units started in production 2,000 Work in process units, May 31 800 40% Cost Data—Bicycles Work in process, May 1 Materials $15,000 Conversion costs 18,000 $33,000 Direct materials 50,000 Direct labor 19,020 Manufacturing...
Jessica Company manufactures hockey pucks and soccer balls. For both products, materials are added at the...
Jessica Company manufactures hockey pucks and soccer balls. For both products, materials are added at the beginning of the production process and conversion costs are incurred evenly. Jessica uses the FIFO method to calculate equivalent units. Production and cost data for the month of August are as follows: Production Data—Hockey pucks Units Percent Complete Work in process units, August 1     500 70% Units started into production 1,600 Work in process units, August 31     600 30% Cost Data—Hockey pucks Work in...
Problem 4-47A Jessica Company manufactures hockey pucks and soccer balls. For both products, materials are added...
Problem 4-47A Jessica Company manufactures hockey pucks and soccer balls. For both products, materials are added at the beginning of the production process and conversion costs are incurred evenly. Jessica uses the FIFO method to calculate equivalent units. Production and cost data for the month of August are as follows: Production Data—Hockey pucks Units Percent Complete Work in process units, August 1 430 70% Units started into production 1,660 Work in process units, August 31 610 30% Cost Data—Hockey pucks...
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT