Chapter 3: Using Excel to Make Decisions at Current Designs Part 1
Data
Units
Costs
Work in process, April 1
Required
Follow the step-by-step directions to complete the production cost report below.
Physical
Units
QUANTITIES
Units to be accounted for
Work in process, April 1 30
Started into production 72
Total units 102
Units accounted for
Transferred out 67 100% 67 100% 67
Work in process, April 30 35 20% 7 40% 14
Total units 102 74 81
COSTS Materials
Conversion
Costs
Total
Conversion Costs
Materials
CURRENT DESIGNS
Fabrication Department
Production Cost Report
For the Month Ended April 30, 2017
Equivalent Units
Unit costs
Costs to be accounted for
Work in process, April 1 $ 17,400
Started into production 57,100
Total costs $ 74,500
Cost Reconciliation Schedule
Costs accounted for
Transferred out $ 63,650
Work in process, April 30
Materials $ 2,450
Total costs $ 74,500
Total cost $ 25,900 $ 48,600
Equivalent units 74 81
Unit costs $ 350 $ 600 $ 950
Chapter 3: Using Excel to Make Decisions at Current Designs Part 2a
Data
Units
Units in process, April 1 30
Direct materials – percentage complete 80%
Conversion costs – percentage complete 50%
Costs
Work in process, April 1
Direct materials 8,400$
Conversion costs 9,000
Costs incurred during production in April
Direct materials 17,500
Conversion costs 39,600
Required
Follow the what-if directions to modify the production cost report below.
Physical
Units
QUANTITIES
Units to be accounted for
Work in process, April 1 30
Started into production 72
Total units 102
Units accounted for
Transferred out 70 100% 70 100% 70
Work in process, April 30 32 20% 6 40% 13
Total units 102 76 83
COSTS Materials
Conversion
Costs
Total
CURRENT DESIGNS
Fabrication Department
Production Cost Report
For the Month Ended April 30, 2017
Equivalent Units
Materials
Conversion Costs
Unit costs
Costs to be accounted for
Work in process, April 1 $ 17,400
Started into production 57,100
Total costs $ 74,500
Cost Reconciliation Schedule
Costs accounted for
Transferred out $ 64,817
Work in process, April 30
Materials $ 2,170
Total costs $ 74,500
Total cost $ 25,900 $ 48,600
Equivalent units 76 83
Unit costs $ 339 $ 587 $ 926
Chapter 3: Using Excel to Make Decisions at Current Designs Part 2b
Data
Units
Units in process, April 1 30
Direct materials – percentage complete 80%
Costs
Work in process, April 1
Direct materials 8,400$
Required
Follow the what-if directions to modify the production cost report below.
Physical
Units
QUANTITIES
Units to be accounted for
Work in process, April 1 30
Started into production 72
Total units 102
Units accounted for
Transferred out 67 100% 67 100% 67
Work in process, April 30 35 10% 4 20% 7
Total units 102 71 74
COSTS Materials
Conversion
Costs
Total
CURRENT DESIGNS
Fabrication Department
Production Cost Report
For the Month Ended April 30, 2017
Equivalent Units
Materials
Conversion Costs
Unit costs
Costs to be accounted for
Work in process, April 1 $ 17,400
Started into production 57,100
Cost Reconciliation Schedule
Costs accounted for
Transferred out $ 68,617
Work in process, April 30
Materials $ 1,286
Total cost $ 25,900 $ 48,600
Equivalent units 71 74