Question

Steps for a Production Report

Recently, Stillwater Designs expanded its market by becoming an original equipment supplier to Jeep Wrangler. Stillwater Designs produces factory upgraded speakers specifically for Jeep Wrangler. The Kicker components and speaker cabinets are outsourced with assembly remaining in house. Stillwater Designs assembles the product by placing the speakers and other components in cabinets that define an audio package upgrade and that can be placed into the Jeep Wrangler, producing the desired factory-installed appearance. Speaker cabinets and associated Kicker components are added at the beginning of the assembly process.

Assume that Stillwater Designs uses the weighted average method to cost out the audio package. The following are cost and production data for the assembly process for April:

Production:
Units in process, April 1, 60% complete		60,000
Units completed and transferred out		150,000
Units in process, April 30, 20% complete		30,000
Costs:
WIP, April 1:
	Cabinets	$1,200,000
	Kicker components	12,600,000
	Conversion costs	5,400,000
Costs added during April:
	Cabinets	$2,400,000
	Kicker components	25,200,000
	Conversion costs	8,640,000

Required:

Prepare a production report for the assembly department for the month of April. If an amount box does not require an entry, leave it blank or enter "0".

Stillwater Designs
Assembly Department Production Report
For the Month of April (Weighted Average Method)
Unit Information
Physical flow: Units to account for:
Units in BWIP
Units started
Total units to account for
Units accounted for:				Units
Units completed
Units in EWIP
Total units accounted for
Equivalent units:
		Cabinets	Components	Conversion
Units completed
Units in ending work in process
Equivalent units
Cost Information
Costs to account for:
	Cabinets	Components	Conversion	Total
Beginning work in process	$	$	$	$
Incurred during April
Total costs to account for	$	$	$	$
Equivalent units
Cost per equivalent unit	$	$	$	$
Costs accounted for:
		Transferred Out	Ending Work in Process	Total
Goods transferred out		$	$	$
Goods in ending WIP
Cabinets
Components
Conversion
Total costs accounted for		$	$	$

Please answer part 5 i have already done the rest

Answer 1

Solution:

Reconciliation of Physical units
Particulars	Physical Units	Particulars	Physical Units
Beginning units	60000	Unit Completed	150000
Unit started	120000	Ending Units	30000
Total Units	180000	Total Units	180000

Computation of Equivalent unit of Production - Assembly department - Weighted Average
Particulars	Physical Units	Cabinets	Kicker Component	Conversion
Unit completed & Transferred out	150000	150000	150000	150000
Closing WIP:	30000
Cabinets (100%)		30000
Kicker Component (100%)			30000
Conversion (20%)				6000
Equivalent units of production	180000	180000	180000	156000

Computation of Cost per equivalent unit of Production - Assembly Department - Weighted Average
Particulars	Cabinets	Kicker Component	Conversion
Opening WIP	$1,200,000.00	$12,600,000.00	$5,400,000.00
Cost Added during April	$2,400,000.00	$25,200,000.00	$8,640,000.00
Total cost to be accounted for	$3,600,000.00	$37,800,000.00	$14,040,000.00
Equivalent units of production	180000	180000	156000
Cost per Equivalent unit	$20.00	$210.00	$90.00

Computation of Cost of ending WIP and units completed & transferred out - Assembly Department - Weighted Average
Particulars	Cabinets	Kicker Component	Conversion	Total
Equivalent unit of Ending WIP	30000	30000	6000
Cost per equivalent unit	$20.00	$210.00	$90.00
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit)	$600,000	$6,300,000	$540,000	$7,440,000
Units completed and transferred	150000	150000	150000
Cost of units completed & Transferred (Unit completed * cost per equivalent unit)	$3,000,000	$31,500,000	$13,500,000	$48,000,000

Production cost report - Assembly Department - Weighted Average
Particulars	Amount
Costs to be accounted for:
Cost of beginning WIP inventory	$19,200,000.00
Cost added to production	$36,240,000.00
Total Cost to be accounted for	$55,440,000.00
Costs accounted for as follows:
Cost of unit transferred out	$48,000,000
Ending WIP:
Cabinet	$600,000
Kicker Component	$6,300,000
Converison	$540,000
Total cost accounted for	$55,440,000