In: Accounting
Weighted Average Process Costing
Minot Processing Company manufactures one product on a continuous
basis in two departments, Processing and Finishing. All materials
are added at the beginning of work on the product in the Processing
Department. During December 2009, the following events occurred in
the Processing Department:
Units started | 16,000 units |
Units completed and transferred to Finishing Department | 15,000 units |
Costs assigned to processing:Raw materials (one unit of raw materialsfor each unit of product started) | $142,900 |
Manufacturing supplies used | 18,000 |
Direct labor costs incurred | 51,000 |
Supervisors' salaries | 12,000 |
Other production labor costs | 14,000 |
Depreciation on equipment | 6,000 |
Other production costs | 18,000 |
Additional information follows:
(a) Prepare a cost of production report for the Processing Department for December.
Do not use negative signs with any of your answers.
Minot Processing Company: Processing
Department Cost of Production Report For the Month Ending December 31, 2009 |
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---|---|---|---|---|
Summary of units in process: | ||||
Beginning | Answer | |||
Units started | Answer | |||
In process | Answer | |||
Completed | Answer | |||
Ending | Answer | |||
Equivalent units in process: |
Materials |
Conversion |
Total |
|
Units completed | Answer | Answer | ||
Plus equivalent units in ending inventory | Answer | Answer | ||
Equivalent units in process | Answer | Answer | ||
Total cost to be accounted for andcost per equivalent unit in process: | ||||
Beginning work-in-process | Answer | Answer | Answer | |
Current costs | Answer | Answer | Answer | |
Total cost in process | Answer | Answer | Answer | |
Equivalent units in process | Answer | Answer | ||
Cost per equivalent unit in process | Answer | Answer | Answer | |
Accounting for total costs: | ||||
Transferred out | Answer | |||
Ending work-in-process: | ||||
Materials | Answer | |||
Conversion | Answer | Answer | ||
Total cost accounted for | Answer |
(b) Prepare an analysis of all changes in Work-in-Process.
Do not use negative signs with any of your answers.
Work-in-process: | ||||
Beginning | Answer | |||
Current manufacturing costs: | ||||
Direct materials | Answer | |||
Direct labor | Answer | |||
Applied overhead | Answer | Answer | ||
Total | Answer | |||
Cost of goods manufactured | Answer | |||
Ending | Answer |