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55.

a. Springtime Paints
Cost of Production Report
For Month Ended May 31, XXXX

Production data: Units
Beginning Work in Process Inventory 4,000
Units started 21,000
Units to account for 25,000

DIRECT MATERIALS
Units Chemicals Cans Conversion

Beginning Work in
Process Inventory

4,000

4,000 4,000

4,000
Started & completed 16,000 16,000 16,000 16,000
Ending WIP Inventory 5,000 5,000 0 4,000
Units accounted for 25,000 25,000 20,000 24,000

Cost data: DIRECT MATERIALS
Total Chemicals Cans Conversion

Beginning inventory $ 51,900 $ 45,100 $ 0 $ 6,800
Current costs 7,000 46,000
Cost to account for $ 7,000 $52,800
Divided by Equivalent
Units of Production
25,000 20,000 24,000
Cost per equivalent unit $13.51 $10.96 $0.35 $2.20





Cost assignment:
Transferred out ($13.51 20,000) $270,200
Ending WIP
Chemicals (5,000 $10.96) $54,800
Conversion (4,000 $2.20) 8,800 63,600
281,900 228,900
$333,800 $274,000
Total cost accounted for $333,800

b. Springtime Paints
Cost of Production Report
For Month Ended May 31, XXXX

Production data: Units
Beginning WIP
Inventory

4,000

Units started 21,000
Units to account for

25,000

DIRECT MATERIALS
Units Chemicals Cans Conversion

Beginning WIP Inventory
4,000

4,000

3,000
Started & completed 16,000 16,000 16,000 16,000
Ending WIP Inventory 5,000 5,000 0 4,000
Units accounted for 25,000 21,000 20,000 23,000

Cost data:
DIRECT MATERIALS
Total Chemicals Cans Conversion

Beginning inventory $ 51,900
Current costs 281,900 $228,900 $ 7,000 $46,000
Cost to account for $333,800
Divided by EUP 21,000 20,000 23,000
Cost per equivalent unit $13.25 $10.90 $0.35 $2.00

Cost assignment:
Transferred out
Beginning WIP Inventory $ 51,900
Complete beginning WIP
Cans (4,000 $0.35) 1,400
Conversion (3,000 $2.00) 6,000
Total cost of BI transferred $ 59,300
Started & completed (16,000 $13.25) 212,000 $271,300
Ending WIP Inventory
Chemicals (5,000 $10.90) $ 54,500
Conversion (4,000 $2.00) 8,000 62,500
Total cost accounted for $333,800

c. The WA calculations are easier to make, but
this method tends to obscure current period
costs because the cost per EUP includes both
current costs and prior costs that were in
beginning inventory. This method is most
appropriate when conversion costs, inventory
levels, and raw material prices are stable.

The FIFO method is based on current period work only. This method is
most appropriate when conversion costs, inventory levels, or raw material
prices fluctuate. This method should also be appropriate when accuracy in
current equivalent unit costs is important or when a standard cost system is
used.


57. Octavia Corp. Curing Dept.
Cost of Production Report
For the Month Ended May 31, 2013

Production Data:
Units TI DM DL OH

Beginning WIP
Inventory

8,000

Units started 40,000
Units to account for 48,000

Beginning WIP
Inventory

8,000

8,000 8,000

8,000

8,000
Started & completed 36,000 36,000 36,000 36,000 36,000
Ending WIP
Inventory

4,000

4,000 2,800


2,000

1,600
Units accounted for

48,000 48,000 46,800

46,000 45,600
Cost Data:
Total TI DM DL OH

Beginning WIP
Inventory $ 278,872 $ 200,160

$ 42,504 $ 31,360 $ 4,848
Current costs 2,739,020 1,620,000 333,300 517,880 267,840
Cost to account for $3,017,892 $1,820,160
$375,804 $549,240 $272,688
Divided by
EUP 48,000

46,800 46,000 45,600
Cost per EUP $63,87 $37.92

$8.03 $11.94 $5.98
Cost Assignment:
Transferred out (44,000 $63.87) $2,810,280
Ending WIP Inventory:
TI (4,000 $37.92) $151,680
DM (2,800 $8.03) 22,484
DL (2,000 $11.94) 23,880
OH (1,600 $5.98) 9,568 207,612
Total cost accounted for $3,017,892
(CMA adapted)

59. Octavia Corp. Curing Dept.
Cost of Production Report
For the Month Ended May 31, 2013

Production Data:
Units TI DM DL OH

Beginning WIP
Inventory

8,000

Units started 40,000
Units to account for 48,000

Beginning WIP
Inventory

8,000

0

1,600

4,800

5,600
Started & completed
36,000

36,000

36,000

36,000

36,000
Ending WIP
Inventory

4,000

4,000

2,800

2,000

1,600
Units accounted for

40,000 40,400 42,800

43,200
Cost Data:
Total TI DM DL OH

Beginning WIP
Inventory $ 278,872
Current costs 2,739,020 $1,620,000 $333,300 $517,880 $267,840
Cost to account for $3,017,892
Divided by
EUP 40,000 40,400 42,800 43,200
Cost per EUP $67.05 $40.50

$8.25 $12.10 $6.20
Cost Assignment:
Transferred out:
Beginning WIP Inventory $ 278,872
Complete beginning inventory:
DM (1,600 $8.25) $ 13,200
DL (4,800 $12.10) 58,080
OH (5,600 $6.20) 34,720 106,000
Started & completed (36,000 $67.05) 2,413,800
Total cost of transferred out $2,798,672
Ending WIP Inventory:
TI (4,000 $40.50) $162,000
DM (2,800 $8.25) 23,100
DL (2,000 $12.10) 24,200
OH (1,600 $6.20) 9,920 219,220
Total cost accounted for $3,017,892


61. a. Extrusion Form Trim Finish

Units produced 16,000 11,000 5,000 2,000
Material costs $192,000 $ 44,000 $ 15,000 $12,000
Unit cost $ 12.00 $ 4.00 $ 3.00 $ 6.00
Conversion cost $392,000 $132,000 $ 69,000 $42,000
Unit cost

$ 24.50 $ 12.00 $ 13.80 $ 21.00 Plastic
Standard Deluxe Executive
Unit costs: Sheets Model Model Model

Extrusion material $ 12.00 $ 12.00 $ 12.00 $ 12.00
Form material 4.00 4.00 4.00
Trim material 3.00 3.00
Finish material 6.00
Extrusion conversion 24.50 24.50 24.50 24.50
Form conversion 12.00 12.00 12.00
Trim conversion 13.80 13.80
Finish conversion

21.00
Total unit cost $ 36.50 $ 52.50 $ 69.30 $ 96.30
Times units produced 5,000 6,000 3,000 2,000

Total product cost $182,500 $315,000 $207,900 $192,600
b. EQUIVALENT UNITS
Material Conversion

Entering trim operation: % Qty. % Qty.
2,000 Deluxe units 100 2,000 100 2,000
1,000 Deluxe units 100 1,000 60 600
2,000 Executive units 100 2,000 100 2,000
Total equivalent units 5,000 4,600
Deluxe model WIP costs: Unit Cost Total Costs

Extrusion material $12.00 $12,000
Form material 4.00 4,000
Trim material (100%) 3.00 3,000
Extrusion conversion 24.50 24,500
Form conversion 12.00 12,000
Trim conversion (60%) 9.00* 9,000*
Work in process costs $64.50 $64,500

*Conversion cost = ($30,000 + $39,000) 4,600 = $15 per equivalent unit.



67. Maximum normal spoilage = 70,000 0.03 = 2,100 units

LaToya Company
Cost of Production Report
For the Month Ended May 31, 2013

Units Material Conversion

Beginning WIP Inventory 5,600
Units started 74,400
Units to account for

80,000
Beginning WIP Inventory 5,600 0 2,800
Started & completed 64,400 64,400 64,400
Ending WIP Inventory 7,500 7,500 2,500
Normal spoilage 2,100 2,100 630
Abnormal spoilage 400 400 120
Units accounted for

80,000 74,400 70,450
Total Material Conversion

Beginning WIP Inventory $ 7,632
Current costs 106,168 $74,400 $31,768
Total cost to account for $113,800
Divided by EUP 74,400 70,450
Cost per EUP $1.45 $1.00 $0.45*
*Rounded


Cost Assignment:
Transferred out:
Beginning WIP Inventory cost $ 7,632.00
Cost to complete
Conversion (2,800 $0.45) 1,260.00
Total cost of BI $ 8,892.00
Started & completed (64,400 $1.45) 93,380.00
Normal spoilage:*
Direct material (2,100 $1.00) $2,100.00
Conversion (630 $0.45) 283.50 2,383.50
Total cost transferred out $104,655.50
Ending WIP Inventory:
Direct material (7,500 $1.00) $7,500.00
Conversion (2,500 $0.45) 1,125.00 8,625.00
Abnormal spoilage:
Direct material (400 $1.00) $ 400.00
Conversion (120 $0.45) 54.00 454.00
Total cost accounted for (off due to rounding) $113,734.50

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