Prepare a cost of production report
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter5: Process Cost Accounting—general Procedures
Section: Chapter Questions
Problem 13P: Tanaka Manufacturing Co. uses the process cost system. The following information for the month of...
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Question
![Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for
June Year 2 is provided:
Determination of Equivalent Units
Beginning inventory
Units started
Total
Beginning work in process
Started during the month
Completed during the month
Ending work in process
Costs added during month
Required:
a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine
equivalent units.
Cost of Production Report
Assembly Department
Month Ended June 30
Transferred to Finishing Department
Ending inventory
Total
Units
Determination of Cost per Unit
Cost accumulation:
Beginning inventory
Materials
Labor
Overhead
Total product costs
Divide by equivalent units
Cost per equivalent unit
Cost Allocation
Transferred to Finishing Department
Ending work in process inventory
Total
640
1,640
1,890
390
Direct
Direct
% Complete Material Labor Overhead
75%
Actual
40%
$19,676
Equivalent
Units
Total
$9,780
$7,900 $4,844
$32,420](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F63f7ac09-67ad-4858-a21c-e5ea91cdf694%2Faa9a9946-b42b-4bb3-86e4-0dea4cedbf9e%2Fa9p0by_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for
June Year 2 is provided:
Determination of Equivalent Units
Beginning inventory
Units started
Total
Beginning work in process
Started during the month
Completed during the month
Ending work in process
Costs added during month
Required:
a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine
equivalent units.
Cost of Production Report
Assembly Department
Month Ended June 30
Transferred to Finishing Department
Ending inventory
Total
Units
Determination of Cost per Unit
Cost accumulation:
Beginning inventory
Materials
Labor
Overhead
Total product costs
Divide by equivalent units
Cost per equivalent unit
Cost Allocation
Transferred to Finishing Department
Ending work in process inventory
Total
640
1,640
1,890
390
Direct
Direct
% Complete Material Labor Overhead
75%
Actual
40%
$19,676
Equivalent
Units
Total
$9,780
$7,900 $4,844
$32,420
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