FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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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, 9,600 units, 80% completed $141,696* *Direct materials (9,600 x $10.6) $101,760 Conversion (9,600 x 80% x $5.2) 39,936 $141,696 Materials added during January from Weaving Department, 148,000 units $1,591,000 Direct labor for January 330,641 Factory overhead for January 404,116 Goods finished during January (indludes goods in process, January 1), 149,800 units Work in process, January 31, 7,800 units, 25% 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 January 31 Unit Information Units charged to production: Inventory in process, JanuarY 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Equivalent Units Whole Direct Units Materials Соnversion Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned cost Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Total Materials Conversion Inventory in process, January 1 Costs incurred in January
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Transcribed Image Text: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, 9,600 units, 80% completed $141,696* *Direct materials (9,600 x $10.6) $101,760 Conversion (9,600 x 80% x $5.2) 39,936 $141,696 Materials added during January from Weaving Department, 148,000 units $1,591,000 Direct labor for January 330,641 Factory overhead for January 404,116 Goods finished during January (indludes goods in process, January 1), 149,800 units Work in process, January 31, 7,800 units, 25% 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 January 31 Unit Information Units charged to production: Inventory in process, JanuarY 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Equivalent Units Whole Direct Units Materials Соnversion Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned cost Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Total Materials Conversion Inventory in process, January 1 Costs incurred in January
eBook Unit Information Units charged to production: Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Equivalent Units Whole Direct Units Materials Conversion Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 <> Total units to be assigned cost Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Total Materials Conversion Inventory in process, January 1 Costs incurred in January Total costs accounted for by the Cutting Department Costs allocated to completed and partially completed units: Inventory in process, January 1 balance To complete inventory in process, January 1 Cost of completed January 1 work in process Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total costs assigned by the Cutting Department b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (December). If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit
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Transcribed Image Text:eBook Unit Information Units charged to production: Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs: Equivalent Units Whole Direct Units Materials Conversion Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 <> Total units to be assigned cost Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Direct Total Materials Conversion Inventory in process, January 1 Costs incurred in January Total costs accounted for by the Cutting Department Costs allocated to completed and partially completed units: Inventory in process, January 1 balance To complete inventory in process, January 1 Cost of completed January 1 work in process Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total costs assigned by the Cutting Department b. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (December). If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit Change in conversion cost per equivalent unit
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