Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $1,000 in materials and $5,000 in conversion costs before $9,450 of materials and $10,390 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 30% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values. Production Cost Report Work in process completion percent 100% 30% Material Units Conversion Units Total Units Completed and transferred out Ending work in process Total units to account for Costs to account for Materials Conversion Total Beginning work in process Incurred during the period Total costs to account for Equivalent units Cost per equivalent unit for department Transferred-out costs End work in process: materials $ End work in process: conversion End work in process: total Total costs accounted for
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
Loanstar had 50 units in beginning inventory before starting 900 units and completing 750 units. The beginning work in process inventory consisted of $1,000 in materials and $5,000 in conversion costs before $9,450 of materials and $10,390 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 30% complete with regard to conversion costs.
Use the above information to complete a production cost report. Enter all amount as positive values.
| Production Cost Report | |||
| Work in process completion percent | 100% | 30% | |
| Material Units | Conversion Units | Total Units | |
| Completed and transferred out | fill in the blank f81f5af7d054011_1 | fill in the blank f81f5af7d054011_2 | fill in the blank f81f5af7d054011_3 |
| Ending work in process | fill in the blank f81f5af7d054011_4 | fill in the blank f81f5af7d054011_5 | fill in the blank f81f5af7d054011_6 |
| Total units to account for | fill in the blank f81f5af7d054011_7 | fill in the blank f81f5af7d054011_8 | fill in the blank f81f5af7d054011_9 |
| Costs to account for | Materials | Conversion | Total |
| Beginning work in process | $fill in the blank f81f5af7d054011_10 | $fill in the blank f81f5af7d054011_11 | $fill in the blank f81f5af7d054011_12 |
| Incurred during the period | fill in the blank f81f5af7d054011_13 | fill in the blank f81f5af7d054011_14 | fill in the blank f81f5af7d054011_15 |
| Total costs to account for | $fill in the blank f81f5af7d054011_16 | $fill in the blank f81f5af7d054011_17 | $fill in the blank f81f5af7d054011_18 |
| Equivalent units | fill in the blank f81f5af7d054011_19 | fill in the blank f81f5af7d054011_20 | fill in the blank f81f5af7d054011_21 |
| Cost per equivalent unit for department | $fill in the blank f81f5af7d054011_22 | $fill in the blank f81f5af7d054011_23 | $fill in the blank f81f5af7d054011_24 |
| Transferred-out costs | $fill in the blank f81f5af7d054011_25 | ||
| End work in process: materials | $fill in the blank f81f5af7d054011_26 | ||
| End work in process: conversion | fill in the blank f81f5af7d054011_27 | ||
| End work in process: total | fill in the blank f81f5af7d054011_28 | ||
| Total costs accounted for | $fill in the blank f81f5af7d054011_29 |
Prepare the
| fill in the blank c1d47ffe5fcb00a_2 | fill in the blank c1d47ffe5fcb00a_3 | ||
| fill in the blank c1d47ffe5fcb00a_5 | fill in the blank c1d47ffe5fcb00a_6 |
Trending now
This is a popular solution!
Step by step
Solved in 3 steps with 4 images
