Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method. Costs to Account For Beginning inventory: materials $10,000 Beginning inventory: conversion 19,000 Direct material 38,000 Direct labor 74,000 Applied overhead 23,656 Total costs to account for $164,656 Units to Account For Beginning work in process 4,000 Units started into production 20,000 Transferred out 17,000 Production Cost Report Completed and transferred out fill in the blank 1 Ending work in process fill in the blank 2 Total units to account for fill in the blank 3 Work in process completion percent 100% 20% Material Units Conversion Units Total Units Completed and transferred out fill in the blank 4 fill in the blank 5 fill in the blank 6 Ending work in process fill in the blank 7 fill in the blank 8 fill in the blank 9 Total units to account for fill in the blank 10 fill in the blank 11 fill in the blank 12 Costs to account for Materials Conversion Total Beginning work in process $fill in the blank 13 $fill in the blank 14 $fill in the blank 15 Incurred during the period fill in the blank 16 fill in the blank 17 fill in the blank 18 Total costs to account for $fill in the blank 19 $fill in the blank 20 $fill in the blank 21 Equivalent units fill in the blank 22 fill in the blank 23 Cost per equivalent unit for department $fill in the blank 24 $fill in the blank 25 $fill in the blank 26 Transferred out costs $fill in the blank 27 End work in process: materials $fill in the blank 28 End work in process: conversion fill in the blank 29 End work in process: total fill in the blank 30 Costs to account for $fill in the blank 31

Principles of Accounting Volume 2

19th Edition

ISBN:9781947172609

Author:OpenStax

Publisher:OpenStax

Chapter5: Process Costing

Section: Chapter Questions

Problem 5PA: Materials are added at the beginning of a production process, and ending work in process inventory...

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Materials are added at the beginning of a production process, and ending work in process inventory is 20% complete with respect to conversion costs. Use the information provided to complete a production cost report using the weighted-average method.

Costs to Account For
Beginning inventory: materials	$10,000
Beginning inventory: conversion	19,000
Direct material	38,000
Direct labor	74,000
Applied overhead	23,656
Total costs to account for	$164,656

Units to Account For
Beginning work in process	4,000
Units started into production	20,000
Transferred out	17,000

Production Cost Report
Completed and transferred out	fill in the blank 1
Ending work in process	fill in the blank 2
Total units to account for	fill in the blank 3

Work in process completion percent	100%	20%
	Material Units	Conversion Units	Total Units
Completed and transferred out	fill in the blank 4	fill in the blank 5	fill in the blank 6
Ending work in process	fill in the blank 7	fill in the blank 8	fill in the blank 9
Total units to account for	fill in the blank 10	fill in the blank 11	fill in the blank 12

Costs to account for	Materials	Conversion	Total
Beginning work in process	$fill in the blank 13	$fill in the blank 14	$fill in the blank 15
Incurred during the period	fill in the blank 16	fill in the blank 17	fill in the blank 18
Total costs to account for	$fill in the blank 19	$fill in the blank 20	$fill in the blank 21
Equivalent units	fill in the blank 22	fill in the blank 23
Cost per equivalent unit for department	$fill in the blank 24	$fill in the blank 25	$fill in the blank 26

Transferred out costs		$fill in the blank 27
End work in process: materials	$fill in the blank 28
End work in process: conversion	fill in the blank 29
End work in process: total		fill in the blank 30
Costs to account for		$fill in the blank 31

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