Question

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Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled...

Rivera Company has several processing departments. Costs charged to the Assembly Department for November 2020 totaled $2,282,148 as follows.

Work in process, November 1
   Materials $79,300
   Conversion costs 48,600 $127,900
Materials added 1,590,380
Labor 226,000
Overhead 337,868


Production records show that 34,600 units were in beginning work in process 30% complete as to conversion costs, 661,100 units were started into production, and 25,300 units were in ending work in process 40% complete as to conversion costs. Materials are entered at the beginning of each process.

Determine the equivalent units of production and the unit production costs for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25.)

Materials

Conversion Costs

Equivalent Units
Cost per unit

$

$

eTextbook and Media

  

  

Determine the assignment of costs to goods transferred out and in process.

Costs accounted for:

   Transferred out

$

   Work in process, November 30

      Materials

$

      Conversion costs

         Total costs

$

eTextbook and Media

  

  

Prepare a production cost report for the Assembly Department. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to 0 decimal places, e.g. 125.)

RIVERA COMPANY
Assembly Department
Production Cost Report
For the Month Ended November 30, 2020

Equivalent Units

Quantities

Physical
Units


Materials

Conversion
Costs

Units to be accounted for

   Work in process, November 1

   Started into production

      Total units

Units accounted for

   Transferred out

   Work in process, November 30

      Total units


Costs


Materials

Conversion
Costs


Total

Unit costs

   Total Costs

$

$

$

   Equivalent units

   Unit costs

$

$

$

Costs to be accounted for

   Work in process, November 1

$

   Started into production

      Total costs

$

Cost Reconciliation Schedule

Costs accounted for

   Transferred out

$

   Work in process, November 30

      Materials

$

      Conversion costs

   Total costs

$

Solutions

Expert Solution

Solution:

Computation of Equivalent units of production (EUP)
Physical Units %Material EUP-Material % Conversion EUP- Conversion
Transferred out (34600+661100-25300) 670400 100% 670400 100% 670400
Work in process, Nov 30 25300 100% 25300 40% 10120
Total Equivalent units 695700 680520
Computation of Cost Per unit
Material Conversion Total unit cost
Cost of Beginning Worl in process $79,300 $48,600
Costs added $15,90,380 $5,63,868
Total Costs $16,69,680 $6,12,468 $22,82,148
/Equivalent units of Production 695700 680520
Cost per Equivalent unit of Production $2.40 $0.90 $3.30
Costs Accounted for
Transferred out (670400*$3.30) $22,12,320
Work in process, November 30:
Direct Material (25300*$2.40) 60720
Conversion (10120*$0.90) 9108 $69,828
Total Costs $22,82,148
Rivera Coompany
Assembly Department
Production cost report
For the month ended November 30, 2020
Physical units Equivalent units
Quantities: Materials Conversion costs
Units to be Account for:
Work in process, November 1 34600
Started in production 661100
Total units 695700
Units accounted for:
Units transferred out 670400 670400 670400
Work in process, November 30 25300 25300 10120
Total units 695700 695700 680520
Costs Materials Conversion costs Total Costs
Unit Costs:
   Total Costs $16,69,680 $6,12,468 $22,82,148
    Equivalent Units 695700 680520
    Units Costs $2.40 $0.90 $3.30
Costs to be accounted for:
    Work in process, November 1 $1,27,900
    Started into production $21,54,248
Total Costs $22,82,148
Cost Reconciliation Schedule:
Costs accounted for:
   Transferred out $22,12,320
   Work in process inventory, March 31
      Material $60,720
      Conversion $9,108 $69,828
Total Costs accounted for $22,82,148

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