Homework Answers
Solution:
Quantity Schedule:
| Units received from preceding department | 30,000 units |
| Units transferred to finished goods | 25,000 |
| Units still in process (50% complete) | 4,200 |
| Units lost in process (normal spoilage 25,000 × 3%) | 750 |
| Units lost in process ( Abnormal spoilage 800 - 750) | 50 |
Cost charged to the department:
| Total Cost | Unit Cost | |
| Cost from preceding department: | ||
| Transferred in during the month (30,000 units) | $135,000 | $4.50 |
| Cost added by the department: | ||
| Materials | $12,500 | 0.50 |
| Labor and factory overhead (Conversion cost) | $139,340 | $5.00 |
| Total cost added | $151840 | $5.50 |
| Total cost to be accounted for | $286,840 | $10.00 |
Cost Accounted for as follows:
| Transferred to finished goods: | ||
| Cost of completed units (25000 × $10) | $250,000 | |
| Normal spoilage - all related to units transferred to finished goods: | ||
| Cost from preceding department (750 × $4.50) | $3,375 | |
| Conversion cost (720 × $5) | $3,600 | $256,975 |
| Transferred to factory over head: | ||
| Abnormal spoilage: | ||
| Cost from preceding department (50 × $4.50) | $225 | |
| Conversion cost (48 × $5) | $240 | $465 |
| Work in process - ending inventory: | ||
| Cost from preceding department (4,200 ×$4.50) | $18,900 | |
| Labor and factory overhead (2100 × $5) | $10,500 | $29,400 |
| Total cost accounted for | $286,840 | |
Additional computations equivalent production:
| Materials | 25000 units |
| Labor and factory overhead | 27,888 units(25000 + (4200 ×50%) +(750 ×96%) +(50 ×96%)) |
Units cost:
| Materials | ($12500/25000) $0.50 per unit |
| Labor and factory overhead | $(139340/27888) =$4.996 or $5.00 per unit |
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physical units in the first column of your schedule.
2. Summarize total costs to account for; calculate cost per
equivalent unit for each cost category; and assign total costs to
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Required:
1. For each cost category, calculate equivalent units. Show
physical units in the first column of your schedule.
2. Summarize total costs to account for; calculate cost per
equivalent unit for each cost category; and assign total costs to
units completed and transferred out (including normal spoilage), to
abnormal spoilage, and to units in ending work in process.
Q.1. XYZ Company makes Plastic chairs in its forming department, and it uses the average method of process costing. All direct...
plz solve step by step
3. Cost of Production Report: Brooks Inc. uses process costing. The costs for Department 2 for April were: $20,000 Cost from preceding department Cost added by department: Materials Labor Factory overhead (FOH) $21,816 7,776 4,104 33,696 The following information was obtained from the department's quantity schedule: Units received 5,000 Units transferred out 4,000 Units still in process 1,000 The degree of completion of the work in process as to costs originating in department 2 was:...
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