Question

Production and cost data for the Molding Department during June 2020 are presented below.

Production Data		June
Beginning work in process units		0
Units started into production		24,860
Ending work in process units		2,260
Percent complete—ending inventory		40	%

Cost Data
Materials		$223,740
Labor		60,568
Overhead		127,464
Total		$411,772

Prepare a schedule showing physical units of production.

.

Determine the equivalent units of production for materials and conversion costs.

.

Compute the unit costs of production.

.

Determine the costs to be assigned to the units transferred out and in process for June.

.

Prepare a production cost report for the Molding Department for the month of June.

SWIFTY COMPANY Molding Department Production Cost Report For the Month Ended June 30, 2020
				Equivalent Units
Quantities		Physical Units		Materials		Conversion Costs
Units to be accounted for
Work in process, June 1
Started into production
Total units
Units accounted for
Transferred out
Work in process, June 30
Total units
Costs				Materials		Conversion Costs		Total
Unit costs
Total Costs				$		$		$
Equivalent units
Unit costs				$		$		$
Costs to be accounted for
Work in process, June 1								$
Started into production
Total costs								$
Cost Reconciliation Schedule
Costs accounted for
Transferred out								$
Work in process, June 30
Materials						$
Conversion costs
Total costs								$

Answer 1

		Equivalent Units
Quantities	Physical		Conversion
Units	Materials	Costs
Units to be accounted for:
Work in process, June 1	0
Started into production	24860
Total units	24860
Units accounted for:
Transferred out	22600	22600	22600
Work in process, June 30	2260	2260	904
Total units	24860	24860	23504
			Conversion
Costs	Materials	Costs	Total
Unit costs
Total Costs		$223,740	$     188,032	$   411,772
Equivalent units		24860	23504
Unit costs		$      9.00	$           8.00	$       17.00
Costs to be accounted for:
Work in process, June 1		$          -	$               -	$             -
Started into production		$223,740	$     188,032	$   411,772
Total costs		$223,740	$     188,032	$   411,772
Cost Reconciliation Schedule
Costs accounted for:
Transferred out		$203,400	$     180,800	$   384,200
Work in process, June 30
Materials				$     20,340
Conversion costs				$       7,232
Total costs				$   411,772