Bundle: Financial & Managerial Accounting, 13th + CengageNOWv2, 2 terms (12 months) Printed Access Card
13th Edition
ISBN: 9781305618909
Author: Carl Warren, James M. Reeve, Jonathan Duchac
Publisher: Cengage Learning
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Chapter 18, Problem 18.17EX
Cost of production report
The Cutting Department of Karachi Carpet Company provides the following data for January 2016. Assume that all materials are added at the beginning of the process.
| Work in process. January 1, 1,400 units. 75% completed | $ 22,960* | |
| *Direct materials (1,400 × $12.65) | 517,710 | |
| Conversion (1,400 × 75% × $ .00) | 5,250 | |
| $22,960 | ||
| Materials added during January from Weaving Department, 58,000 units | $742,400 | |
| Direct labor for January | 134,550 | |
| Factory overhead for January | 151,611 | |
| Goods finished during January (includes goods in process, January 1), 5,.200 units | — | |
| Work in process. January 31, 3,200 units, 30% completed | — |
- a. Prepare a cost of production report for the Cutting Department.
- b. Compute and evaluate the change in the costs per equivalent unit for direct materials and conversion from the previous month (December).
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Cost of Production Report
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, 11,800 units, 65% completed
$144,078*
*Direct materials (11,800 × $10)
$118,000
Conversion (11,800 × 65% × $3.4)
26,078
$144,078
Materials added during January from Weaving Department, 181,600 units
$1,825,080
Direct labor for January
281,941
Factory overhead for January
344,594
Goods finished during January (includes goods in process, January 1), 183,800 units
—
Work in process, January 31, 9,600 units, 30% completed
—
Cost of Production Report
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, 12,200 units, 55% completed
$111,081*
*Direct materials (12,200 × $7.40)
$90,280
Conversion (12,200 × 55% × $3.10)
20,801
$111,081
Materials added during January from Weaving Department, 188,000 units
$1,419,400
Direct labor for January
253,112
Factory overhead for January
309,358
Goods finished during January (includes goods in process, January 1), 190,200 units
—
Work in process, January 31, 10,000 units, 40% 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.
Karachi Carpet Company
Cost of Production Report-Cutting Department
For the Month Ended…
Cost of Production Report
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, 10,600 units, 80% completed
$112,784*
*Direct materials (10,600 × $7.6)
$80,560
Conversion (10,600 × 80% × $3.8)
32,224
$112,784
Materials added during January from Weaving Department, 163,200 units
$1,264,800
Direct labor for January
265,950
Factory overhead for January
325,051
Goods finished during January (includes goods in process, January 1), 165,200 units
—
Work in process, January 31, 8,600 units, 35% 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.
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Chapter 18 Solutions
Bundle: Financial & Managerial Accounting, 13th + CengageNOWv2, 2 terms (12 months) Printed Access Card
Ch. 18 - Which type of cost system, process or job order,...Ch. 18 - In job order cost accounting, the three elements...Ch. 18 - In a job order cost system, direct labor and...Ch. 18 - Why is the cost per equivalent unit often...Ch. 18 - What is the purpose for determining the cost per...Ch. 18 - Rameriz Company is a process manufacturer with two...Ch. 18 - Prob. 7DQCh. 18 - Prob. 8DQCh. 18 - Prob. 9DQCh. 18 - How docs lean manufacturing differ from the...
Ch. 18 - Prob. 18.1APECh. 18 - Job order versus process costing Which of the...Ch. 18 - Units to be assigned costs Lilac Skin Care Company...Ch. 18 - Prob. 18.2BPECh. 18 - Prob. 18.3APECh. 18 - Prob. 18.3BPECh. 18 - Prob. 18.4APECh. 18 - Prob. 18.4BPECh. 18 - Prob. 18.5APECh. 18 - Prob. 18.5BPECh. 18 - Cost of units transferred out and ending work in...Ch. 18 - Prob. 18.6BPECh. 18 - Prob. 18.7APECh. 18 - Process cost journal entries The cost of materials...Ch. 18 - Prob. 18.8APECh. 18 - Using process costs for decision making The costs...Ch. 18 - Entries for materials cost flows in a process cost...Ch. 18 - Flowchart of accounts related to service and...Ch. 18 - Entries for flow of factory costs for process cost...Ch. 18 - Factory overhead rate, entry for applying factory...Ch. 18 - Prob. 18.5EXCh. 18 - Equivalent units of production Units of production...Ch. 18 - Equivalent units of production The following...Ch. 18 - Costs per equivalent unit A. Based upon the data...Ch. 18 - Prob. 18.9EXCh. 18 - Costs per equivalent unit Georgia Products Inc....Ch. 18 - Equivalent units of production and related costs...Ch. 18 - Cost of units completed and in process A. Based on...Ch. 18 - Errors in equivalent unit computation Napco...Ch. 18 - Cost per equivalent unit The following information...Ch. 18 - Costs per equivalent unit and production costs...Ch. 18 - Cost of production report The debits to Work in...Ch. 18 - Cost of production report The Cutting Department...Ch. 18 - Cost of production and journal entries AccuBlade...Ch. 18 - Cost of production and journal entries Lighthouse...Ch. 18 - Prob. 18.20EXCh. 18 - Analyzing process cost elements across product...Ch. 18 - Prob. 18.22EXCh. 18 - Lean manufacturing The following are some quotes...Ch. 18 - Equivalent units of production: average cost...Ch. 18 - Equivalent units of production: average cost...Ch. 18 - Equivalent units of production: average cost...Ch. 18 - Equivalent units of production and related costs...Ch. 18 - Cost per equivalent unit: average cost method The...Ch. 18 - Cost of production report: average cost method The...Ch. 18 - Prob. 18.30EXCh. 18 - Prob. 18.1APRCh. 18 - Prob. 18.2APRCh. 18 - Equivalent units and related costs; cost of...Ch. 18 - Work in process account data for two months; cost...Ch. 18 - Cost of production report: average cost method...Ch. 18 - Entries for process cost system Preston Grover...Ch. 18 - Cost of production report Bavarian Chocolate...Ch. 18 - Equivalent units and related costs; cost of...Ch. 18 - Prob. 18.4BPRCh. 18 - Prob. 18.5BPRCh. 18 - Prob. 18.1CPCh. 18 - Accounting for materials costs In papermaking...Ch. 18 - Prob. 18.3CPCh. 18 - Prob. 18.4CP
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