Units Completion Cost Work in process inventory: December 1 12,000 60% $140,400 December 31 5,000 40% Started in December: 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 Prepare Austin's Department A cost of production report for December. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "0" as answer. Austin Company Cost of Production Report-Department A For the Month Ended December 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production: Inventory in process, December 1 Received from materials storeroom Total units accounted for by Dept. A Units to be assigned costs: Inventory in process, Dec. 1 (60% completed) Started and completed in December Transferred to Dept. B in December Inventory in process, Dec. 31 (40% complete) Total units to be assigned costs

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Costs
COSTS
Direct Materials
Conversion
Total
Cost per equivalent unit:
Total costs for December in Dept. A
Total equivalent units
Cost per equivalent unit
Costs assigned to production:
Inventory in process, Dec. 1
Costs incurred in December
Total costs accounted for by Dept. A
Costs allocated to completed and partially completed units:
Inventory in process, Dec. 1, balance
To complete inventory in process, Dec. 1
Started and completed in December
Transferred to Dept. B in December
Inventory in process, Dec. 31
Total costs assigned by Dept. A
Transcribed Image Text:Costs COSTS Direct Materials Conversion Total Cost per equivalent unit: Total costs for December in Dept. A Total equivalent units Cost per equivalent unit Costs assigned to production: Inventory in process, Dec. 1 Costs incurred in December Total costs accounted for by Dept. A Costs allocated to completed and partially completed units: Inventory in process, Dec. 1, balance To complete inventory in process, Dec. 1 Started and completed in December Transferred to Dept. B in December Inventory in process, Dec. 31 Total costs assigned by Dept. A
Units
Completion
Cost
Work in process inventory:
December 1
12,000
60%
$140,400
December 31
5,000
40%
Started in December:
14,000
Direct materials cost
106,400
Conversion cost
70,310
Completed in December
21,000
Prepare Austin's Department A cost of production report for December.
If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "o" as answer.
Austin Company
Cost of Production Report-Department A
For the Month Ended December 31
Equivalent Units
UNITS
Whole Units
Direct Materials
Conversion
Units charged to production:
Inventory in process, December 1
Received from materials storeroom
Total units accounted for by Dept. A
Units to be assigned costs:
Inventory in process, Dec. 1 (60% completed)
Started and completed in December
Transferred to Dept. B in December
Inventory in process, Dec. 31 (40% complete)
Total units to be assigned costs
Transcribed Image Text:Units Completion Cost Work in process inventory: December 1 12,000 60% $140,400 December 31 5,000 40% Started in December: 14,000 Direct materials cost 106,400 Conversion cost 70,310 Completed in December 21,000 Prepare Austin's Department A cost of production report for December. If required, round your cost per equivalent unit amounts to two decimal places. Round all other amounts to the nearest dollar. If an amount value is zero enter "o" as answer. Austin Company Cost of Production Report-Department A For the Month Ended December 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production: Inventory in process, December 1 Received from materials storeroom Total units accounted for by Dept. A Units to be assigned costs: Inventory in process, Dec. 1 (60% completed) Started and completed in December Transferred to Dept. B in December Inventory in process, Dec. 31 (40% complete) Total units to be assigned costs
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