FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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Manufacturing Costs
Manufacturing cost is the total cost of procuring or producing a product. In other words, the manufacturing cost is the cost that an individual or business owner undertakes for the manufacturing of goods.
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Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 640 1,640 1,890 390 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $19,676 Equivalent Units Total $9,780 $7,900 $4,844 $32,420
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Transcribed Image Text:Wetzel Manufacturing Company has two departments, Assembly and Finishing. The following data for the Assembly Department for June Year 2 is provided: Determination of Equivalent Units Beginning inventory Units started Total Beginning work in process Started during the month Completed during the month Ending work in process Costs added during month Required: a. Prepare a cost of production report for the Assembly Department. Wetzel uses the weighted average method to determine equivalent units. Cost of Production Report Assembly Department Month Ended June 30 Transferred to Finishing Department Ending inventory Total Units Determination of Cost per Unit Cost accumulation: Beginning inventory Materials Labor Overhead Total product costs Divide by equivalent units Cost per equivalent unit Cost Allocation Transferred to Finishing Department Ending work in process inventory Total 640 1,640 1,890 390 Direct Direct % Complete Material Labor Overhead 75% Actual 40% $19,676 Equivalent Units Total $9,780 $7,900 $4,844 $32,420
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Step 1: Define cost of production
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Step 2: Calculate equivalent units
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