In: Accounting
Cavalier Company has several processing departments. Costs charged to the assembly department for November 2020 totalled $1,991,382 as follows:
Work in process, November 1 | ||||
Materials | $68,900 | |||
Conversion costs | 47,000 | $115,900 | ||
Materials added | 1,414,100 | |||
Labour | 222,500 | |||
Overhead | 238,882 |
Production records show that 35,500 units were in beginning work in
process, 30% complete in terms of conversion costs, 706,000 units
were started into production, and 25,400 units were in ending work
in process, 40% complete in terms of 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. 15.25.)
Equivalent units | Unit cost | ||
Materials | $ per unit | ||
Conversion costs | $ per unit |
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 | $ |
Prepare a production cost report for the assembly department. (Round unit costs to 2 decimal places, e.g. 15.25.)
CAVALIER COMPANY Assembly Department Production Cost Report For the Month Ended November 30, 2020 |
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Equivalent Units | |||||||||||
Quantities | Physical Units | Materials | Conversion Costs | Total | |||||||
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 | |||||||||||
Unit costs | |||||||||||
Costs in November | $ | $ | $ | ||||||||
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 |