Question

Production Report Cutting Grinding Units in process, May 1 ............................ 10,000 Started during the month .............................

Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cProduction Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.vost of production summary for each department.Production Report Cutting Grinding

Units in process, May 1 ............................ 10,000

Started during the month .......................... 20,000 —

Received from prior department .................... — 15,000

Finished and transferred ........................... 10,000

Finished and on hand .............................. 5,000 —

Units in process, May 31 ........................... 15,000

Stage of completion ............................... 1/3

Production Costs Work in process, May 1:

Costs in Cutting: ................................. $50,000

Materials ...................................... $5,000

Labor ......................................... 6,450

Factory overhead .............................. 3,550

Production Costs Cost in Grinding:

Materials ...................................... 5,000

Labor ......................................... 5,500

Factory overhead .............................. 3,500

Costs incurred during the month:

Materials ...................................... 40,000

Labor ......................................... 44,000

Factory overhead .............................. 37,000

Total .............................................. $185,000

Required: Prepare a cost of production summary for each department.

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Homework Answers

Answer #1
Cost of Production Statement
Cutting Department Grinding Department
Particulars Amount Particulars Amount
Materials 5000 Materials 5000
Labour 6450 Labour 5500
Prime cost 11450 Prime cost 10500
Add : Factory OH 3550 Add : Factory OH 3500
Gross Factory Cost 15000 Gross Factory Cost 14000
Less : Opening WIP 50000
Net Factory Cost -35000
Finishing Department
Materials 40000
Labour 44000
Prime Cost 84000
Add : Factory OH 37000
Gross Factory Cost 121000
Add : Transferred From Cutting and Grinding Dept -21000
Cost Of Production 100000
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