Cost of Production ReportThe Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process.Work in process, January 1, 7,400 units, 60% completed$73,556**Direct materials (7,400 x $7.60)$56,240Conversion (7,400 x 60% x $3.90)17,316$73,556Materials added during January from Weaving Department, 114,000 units$877,800Direct labor for January201,888Factory overhead for January246,752Goods finished during January (includes goods in process, January 1), 115,400 unitsWork in process, January 31, 6,000 units, 20% completeda. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places.Karachi Carpet CompanyCost of Production Report-Cutting DepartmentFor the Month Ended January 31Unit InformationUnits charged to production:Inventory in process, January 17,400Received from Weaving Department114,000Total units accounted for by the Cutting Department121,400Units to be assigned costs:Equivalent UnitsDirectMaterialsWhole UnitsConversionInventory in process, January 17,4002,960Started and comoleted in Januarv108,000108,000108,000 Cost per equivalent unit:DirectConversionMaterialsTotal costs for January in Cutting Department877,800Total equivalent units114,000Cost per equivalent unit7.70Costs assigned to production:DirectConversionTotalMaterialsInventory in process, January 173,556Costs incurred in JanuaryTotal costs accounted for by the Cutting DepartmentCosts allocated to completed and partially completed units:Inventory in process, January 1 balance73,556To complete inventory in process, January 1Cost of completed January1 work in processStarted and completed in JanuaryTransferred to finished goods in JanuaryInventory in process, January 31Total costs assigned by the Cutting Departmentb. Compute and evaluate the change in the costs per equivalent unit for direct material s and conversicn from the previous month (December). If required, round your answers to two decimal places.Increase or DecreaseAmountChange in direct materials cost per equivalent unitChange in conversion cost per equivalent unit

Name: Cost of Production ReportThe Cutting Department of Karachi Carpet Com
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Description: Cost of Production ReportThe Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process.Work in process, January 1, 7,400 units, 60% completed$73,556**Dir

Materials percentage of completion of beginning work in process in current period = 100% - 100% = 0%…

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The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 7,400 units, 60% completed $73,556* *Direct materials (7,400 x $7.60) $56,240 Conversion (7,400 x 60% x $3.90) 17,316 $73,556 Materials added during January from Weaving Department, 114,000 units $877,800 Direct labor for January 201,888 Factory overhead for January 246,752 Goods finished during January (includes goods in process, January 1), 115,400 units Work in process, January 31, 6,000 units, 20% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places.

The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that all materials are added at the beginning of the process. Work in process, January 1, 7,400 units, 60% completed $73,556* *Direct materials (7,400 x $7.60) $56,240 Conversion (7,400 x 60% x $3.90) 17,316 $73,556 Materials added during January from Weaving Department, 114,000 units $877,800 Direct labor for January 201,888 Factory overhead for January 246,752 Goods finished during January (includes goods in process, January 1), 115,400 units Work in process, January 31, 6,000 units, 20% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in "0". For the cost per equivalent unit computations, round your answers to two decimal places.

Managerial Accounting

15th Edition

ISBN:9781337912020

Author:Carl Warren, Ph.d. Cma William B. Tayler

Publisher:Carl Warren, Ph.d. Cma William B. Tayler

Chapter3: Process Cost Systems

Section: Chapter Questions

Problem 17E: Cost of Production report The Cutting Department of Karachi Carpet Company provides the following...

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