Question

A Company manufactures small boats. Materials are added at the beginning of the process and conversion...

  1. A Company manufactures small boats. Materials are added at the beginning of the process and conversion costs are incurred evenly throughout the process. Data for April follows:

Production Data

Units

Percent Complete

Units in process, April 1

1000

60%

Units started into production

4000

Units in process, April 30

1500

20%

Cost Data

Work in process, April 1:

Costs added:

Materials

$25,500

Materials

$90,000

Labor

3,000

Labor

12,000

Manufacturing overhead

6,000

Manufacturing overhead

18,900

Required: Using the weighted average method, prepare a production cost report for the company. Note that you will need to use the following Production Cost Report Template

Physical Units

Direct Materials

Conversion Costs

Total

Units to Account For:

     From Beginning Work In Process

     Units started during the year

Total Units to Account For

Units Accounted For:

    Completed and transferred out

     Ending Work in Process

Total Units Accounted for

Total Equivalent Units

Costs to Account For:

     Beginning Work-in-Process

     Costs incurred during year

Total Costs to Account For:

Cost per equivalent unit

Cost of Units Completed & transferred out

Ending Work In Process

Total Costs Accounted For:

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