Question
In: Accounting
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:
|
| Calculate the following for both the hockey pucks and the
soccer balls: (Round answers to the nearest whole
dollar, e.g. 5,275. Round per unit costs to the 3 decimal places,
e.g. 15.253.) 1. The equivalent units of production for materials and conversion costs.
2. The unit costs of production for materials and conversion costs.
3. The assignment of costs to units transferred out and to work in process at the end of the accounting period.
|
Prepare a production cost report for the month of August for
the hockey pucks only. (Round unit cost to 3 decimal
places, e.g. 15.251 and other answers to to the nearest whole
dollar, e.g. 5,275.)
|
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Solutions
Expert Solution
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| Final Answer | ||
| Answer 1 | Hockey | Soccer |
| Materials | 1,560.00 | 2,150.00 |
| Conversion | 1,289.00 | 2,110.00 |
| Answer 2 | Hockey | Soccer |
| Materials | 1.00 | 1.60 |
| Conversion | 1.60 | 1.20 |
| Answer 3 | Hockey | Soccer |
| Beginning WIP | 1,150.00 | 440.00 |
| Complete Beginning WIP | 216.00 | 48.00 |
| Started and completed in Aug | 2,548.00 | 5,460.00 |
| Ending WIP | 858.00 | 464.00 |
| Workings for answer 4 | |
| Goods transferred out in Aug | |
| Inventory in process Aug 1 | 450.00 |
| Add: Units started into production | 1,560.00 |
| Less: Inventory in process, Aug 31 | 580.00 |
| Goods transferred out in Aug | 1,430.00 |
| Started and completed in Aug | |
| Goods transferred out in Aug | 1,430.00 |
| Less: Inventory in process Aug 1 | 450.00 |
| Started and completed in Aug | 980.00 |
| Jessica Company | |||
| Cost of Production Report- Hockey Pucks | |||
| For the Month Ended Aug 31 | |||
| Unit information | Physical Units | ||
| Units charged to production: | |||
| Inventory in process Aug 1 | 450.00 | ||
| Units started into production | 1,560.00 | ||
| Total units accounted for by the Department | 2,010.00 | ||
| Equivalent Units | |||
| Units to be assigned costs: | Materials | Conversion | |
| Inventory in process Aug 1 | 450.00 | - | 135.00 |
| Started and completed in Aug | 980.00 | 980.00 | 980.00 |
| Inventory in process, Aug 31 | 580.00 | 580.00 | 174.00 |
| Total units to be assigned costs: | 2,010.00 | 1,560.00 | 1,289.00 |
| Cost Information | Materials | Conversion | Total |
| Costs per equivalent unit | |||
| Total costs for August | 1,560.00 | 2,062.00 | 3,622.00 |
| Total equivalent units | 1,560.00 | 1,289.00 | |
| Cost per equivalent unit | 1.000 | 1.600 | 2.600 |
| Costs assigned to production: | |||
| Inventory in process Aug 1 | 1,150.00 | ||
| Complete Beginning WIP | - | 216.00 | 216.00 |
| Started and completed in Aug | 980.00 | 1,568.00 | 2,548.00 |
| Inventory in process, Aug 31 | 580.00 | 278.00 | 858.00 |
| Total costs assigned by the Department | 4,772.00 |
| Goods transferred out in Aug | |
| Inventory in process Aug 1 | 400.00 |
| Add: Units started into production | 2,150.00 |
| Less: Inventory in process, Aug 31 | 200.00 |
| Goods transferred out in Aug | 2,350.00 |
| Started and completed in Aug | |
| Goods transferred out in Aug | 2,350.00 |
| Less: Inventory in process Aug 1 | 400.00 |
| Started and completed in Aug | 1,950.00 |
| Cost of Production Report- Soccer Balls | |
| For the Month Ended Aug 31 | |
| Unit information | |
| Units charged to production: | Physical Units |
| Inventory in process Aug 1 | 400.00 |
| Units started into production | 2,150.00 |
| Total units accounted for by the Department | 2,550.00 |
| Equivalent Units | |||
| Units to be assigned costs: | Materials | Conversion | |
| Inventory in process Aug 1 | 400.00 | - | 40.00 |
| Started and completed in Aug | 1,950.00 | 1,950.00 | 1,950.00 |
| Inventory in process, Aug 31 | 200.00 | 200.00 | 120.00 |
| Total units to be assigned costs: | 2,550.00 | 2,150.00 | 2,110.00 |
| Cost Information | Materials | Conversion | Total |
| Costs per equivalent unit | |||
| Total costs for August | 3,440.00 | 2,532.00 | 5,972.00 |
| Total equivalent units | 2,150.00 | 2,110.00 | |
| Cost per equivalent unit | 1.600 | 1.200 | 2.800 |
| Costs assigned to production: | |||
 ekkarill92 answered 1 year agoRelated SolutionsProblem 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...
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
680
70%
Units started into production
1,770
Work in process units, August 31
850
30%
Cost Data—Hockey pucks...
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
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uses the FIFO method to compute equivalent units. Production and
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Production Data—Bicycles
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Percentage
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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
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Units started into production
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Work in process units, March 31
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40
%
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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
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Work in process units, March 1
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Units started into production
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Work in process units, March 31
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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
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80
%
Units started into production
1,430
Work in process units, March 31
300
40
%
Cost Data—Bicycles
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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
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80
%
Units started into production
1,270
Work in process units, March 31
300
40
%
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