Information for Nichols Manufacturing Company for the month of May is as follows: Beginning work in process: Cost of inventory at process, May 1 $5,010 Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Costs charged to Work in Process during May : Ending work in process inventory: Direct materials costs, $57,400 Units, 1,500 Direct labor costs, $20,049 Direct materials, 100% complete Factory overhead costs, $30,073 Conversion costs, 30% complete Prepare a cost of production report for the month of May, using the FIFO method. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "0". Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Beginning work in process (70% complete) Units started & completed Ending work in process (30% complete) Total units to be assigned costs Costs COSTS Direct Materials Conversion Total Unit costs: Total cost for May Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for in May Costs allocated to completed and partially completed units: Inventory in process, May 1, balance To complete inventory in process, May 1 Started and completed in May Transferred to finished goods, in May Inventory in process, May 31 Total costs accounted for in May
Information for Nichols Manufacturing Company for the month of May is as follows: Beginning work in process: Cost of inventory at process, May 1 $5,010 Units, 800 Direct materials, 100% complete Conversion costs, 70% complete Units started in May, 14,000 Costs charged to Work in Process during May : Ending work in process inventory: Direct materials costs, $57,400 Units, 1,500 Direct labor costs, $20,049 Direct materials, 100% complete Factory overhead costs, $30,073 Conversion costs, 30% complete Prepare a cost of production report for the month of May, using the FIFO method. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "0". Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Beginning work in process (70% complete) Units started & completed Ending work in process (30% complete) Total units to be assigned costs Costs COSTS Direct Materials Conversion Total Unit costs: Total cost for May Total equivalent units Cost per equivalent unit Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for in May Costs allocated to completed and partially completed units: Inventory in process, May 1, balance To complete inventory in process, May 1 Started and completed in May Transferred to finished goods, in May Inventory in process, May 31 Total costs accounted for in May
Principles of Cost Accounting
17th Edition
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Edward J. Vanderbeck, Maria R. Mitchell
Chapter6: Process Cost Accounting—additional Procedures; Accounting For Joint Products And By-products
Section: Chapter Questions
Problem 2E: Precision Inc. manufactures wristwatches on an assembly line. The work in process inventory as of...
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Information for Nichols Manufacturing Company for the month of May is as follows:
Beginning work in |
Cost of inventory at process, May 1 | $5,010 |
Units, 800 | ||
Direct materials, 100% complete | ||
Conversion costs, 70% complete | ||
Units started in May, 14,000 | Costs charged to Work in Process during May : | |
Ending work in process inventory: | Direct materials costs, $57,400 | |
Units, 1,500 | Direct labor costs, $20,049 | |
Direct materials, 100% complete | ||
Conversion costs, 30% complete |
Prepare a cost of production report for the month of May, using the FIFO method.
If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount is zero enter answer as "0".
Nichols Manufacturing Company Cost of Production Report For the Month Ended May 31 |
||||||
Equivalent Units | ||||||
UNITS | Whole Units | Direct Materials | Conversion | |||
Beginning work in process (70% complete) | ||||||
Units started & completed | ||||||
Ending work in process (30% complete) | ||||||
Total units to be assigned costs | ||||||
Costs | ||||||
COSTS | Direct Materials | Conversion | Total | |||
Unit costs: | ||||||
Total cost for May | ||||||
Total equivalent units | ||||||
Cost per equivalent unit | ||||||
Costs charged to production: | ||||||
Inventory in process, May 1 | ||||||
Costs incurred in May | ||||||
Total costs accounted for in May | ||||||
Costs allocated to completed and partially completed units: | ||||||
Inventory in process, May 1, balance | ||||||
To complete inventory in process, May 1 | ||||||
Started and completed in May | ||||||
Transferred to finished goods, in May | ||||||
Inventory in process, May 31 | ||||||
Total costs accounted for in May |
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