Problem 6-54 Name:
Insert your answers in the gray-shaded cells of columns C, E, G and I.
If an answer is incorrect, an asterisk will appear.
a.
Production Data: Units
Beginning WIP inventory 12,000
Units started 90,000
Units to account for 102,000
Units Materials Labor Overhead
Beginning WIP inventory 12,000 12,000 12,000 12,000
Started & completed 70,000 70,000 70,000 70,000
Ending WIP inventory 20,000 20,000 8,000 16,000
Units accounted for 102,000 102,000 90,000 98,000
Cost Data: Total Materials Labor Overhead
Beginning WIP inventory 19,564$ 13,020$ 1,908$ 4,636$
Current cost 206,616 90,000 45,792 70,824
Cost to account for 226,180$ 103,020$ 47,700$ 75,460$
Divided by EUP 102,000 90,000 98,000
Cost per EUP 2.31$ 1.01$ 0.53$ 0.77$
Cost Assignment:
Transferred out 189,420
Ending inventory:
Material 20,200$
Direct Labor 4,240
Overhead 12,320 36,760
Total cost accounted for 226,180$
b.
Production Data: Units
Beginning WIP inventory 12,000
Units started 90,000
Units to account for 102,000
Units Materials Labor Overhead
Phunky Phingers
Cost of Production Report
For the Month of November 2013
Solution
Cost of Production Report
For the Month of November 2013
Phunky Phingers
Beginning WIP inventory 12,000 – 8,400 4,800
Started & completed 70,000 70,000 70,000 70,000
Ending WIP inventory 20,000 20,000 8,000 16,000
Units accounted for 102,000 90,000 86,400 90,800
Cost Data: Total Materials Labor Overhead
Beginning WIP inventory 19,564$
Current costs 206,616 90,000$ 45,792$ 70,824$
Cost to account for 226,180$
Divide by EUP 90,000 86,400 90,800
Cost per EUP 2.31$ 1.00$ 0.53$ 0.78$
Cost Assignment:
Transferred out:
Beginning WIP inventory 19,564$
Complete beginning WIP
Direct labor 4,452
Overhead 3,744 27,760$
Started & completed 161,700
Ending inventory:
Material 20,000$
Direct labor 4,240
Overhead 12,480 36,720
Total cost accounted for 226,180$