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Work in Process Account Data for Two Months; Cost of Production Reports Pittsburgh Aluminum Company uses...

Work in Process Account Data for Two Months; Cost of Production Reports

Pittsburgh Aluminum Company uses a process cost system to record the costs of manufacturing rolled aluminum, which consists of the smelting and rolling processes. Materials are entered from smelting at the beginning of the rolling process. The inventory of Work in Process—Rolling on September 1 and debits to the account during September were as follows:

Bal., 2,600 units, ¼ completed:
Direct materials (2,600 x $15.50) $40,300
Conversion (2,600 x ¼ x $8.50) 5,525
$45,825
From Smelting Department, 28,900 units $462,400
Direct labor 158,920
Factory overhead 101,402

During September, 2,600 units in process on September 1 were completed, and of the 28,900 units entering the department, all were completed except 2,900 units that were 4/5 completed.

Charges to Work in Process—Rolling for October were as follows:

From Smelting Department, 31,000 units $511,500
Direct labor 162,850
Factory overhead 104,494

During October, the units in process at the beginning of the month were completed, and of the 31,000 units entering the department, all were completed except 2,000 units that were 2/5 completed.

Required:

1. Enter the balance as of September 1 in a four-column account for Work in Process—Rolling. Record the debits and the credits in the account for September. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion, (b) costs per equivalent unit, (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in September, and (d) work in process inventory. If an amount box does not require an entry, leave it blank.

ACCOUNT Work in Process-Rolling Department ACCOUNT NO.
BALANCE
DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT
Sept. 1 Bal., 2,600 units, 1/4 completed
Sept. 30 Smelting Dept., 28,900 units at $16.00/unit
Sept. 30 Direct labor
Sept. 30 Factory overhead
Sept. 30 Finished goods
Sept. 30 Bal., 2,900 units, 4/5 completed

If an amount is zero, enter in a zero "0". Round cost per unit answers to the nearest cent.

Pittsburgh Aluminum Company
Cost of Production Report-Rolling Department
For the Month Ended September 30
Whole Units Equivalent Units
Units Direct Materials (a) Conversion (a)
Units charged to production:
Inventory in process, September 1
Received from Smelting Department
Total units accounted for by the Rolling Department
Units to be assigned costs:
Inventory in process, September 1
Started and completed in September
Transferred to finished goods in September
Inventory in process, September 30
Total units to be assigned costs


Costs
Costs Direct Materials Conversion Total Costs
Cost per equivalent unit:
Total costs for September in Rolling Department $ $
Total equivalent units
Cost per equivalent unit (b) $ $
Costs assigned to production:
Inventory in process, September 1 $
Costs incurred in September
Total costs accounted for by the Rolling Department $
Costs allocated to completed and partially completed units:
Inventory in process, September 1 balance (c) $
To complete inventory in process, September 1 (c) $ $
Cost of completed September 1 work in process $
Started and completed in September (c)
Transferred to finished goods in September (c) $
Inventory in process, September 30 (d)
Total costs assigned by the Rolling Department $


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