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The Welding Department of Healthy Company has the following production and manufacturing cost data for February...

Question

The Welding Department of Healthy Company has the following production and manufacturing cost data for February...

The Welding Department of Healthy Company has the following production and manufacturing cost data for February 2017. All materials are added at the beginning of the process.

Manufacturing Costs

Production Data

Beginning work in process Beginning work in process 15,000 units, 1/10 complete
    Materials $18,000 Units transferred out 54,600
    Conversion costs 14,360 $32,360 Units started 50,900
Materials 200,129 Ending work in process 11,300 units, 1/5 complete
Labor 67,500
Overhead 84,171

Prepare a production cost report for the Welding Department for the month of February. (Round unit costs to 2 decimal places, e.g. 2.25 and all other answers to 0 decimal places, e.g. 1,225.)

HEALTHY MANUFACTURING COMPANY
Welding Department
Production Cost Report
For the Month Ended February 28, 2017

Equivalent Units

Quantities

Physical
Units


Materials

Conversion
Costs

Units to be accounted for

   Work in process, February 1

   Started into production

      Total units

Units accounted for

   Transferred out

   Work in process, February 28

      Total units

Costs


Materials

Conversion
Costs


Total

Unit costs

   Total Costs

$ $ $

   Equivalent units

   Unit costs

$ $ $

Costs to be accounted for

   Work in process, February 1

$

   Started into production

      Total costs

$

Cost Reconciliation Schedule

Costs accounted for

   Transferred out

$

Work in process, February 28

      Materials

$

      Conversion costs

   

Total costs

Answers

HEALTHY MANUFACTURING COMPANY
Welding Department
Production Cost Report
For the Month Ended February 28, 2017
Equivalent units
Quantities Physical
Units
Materials Conversion
Costs
Units to be accounted for
Work in process, February 1 15,000
Started into production 50,900
Total units 65,900
Units accounted for
Transferred out 54,600 54,600 54,600
Work in process, February 28 11,300 11,300 (working note1) 2,260 (working note2)
Total units 65,900 65,900 56,860
Costs Materials Conversion
Costs
Total
Unit costs
Total costs (working note 3) 218,129 166,031 384,160
Equivalent units 65,900 56,860
Unit costs 3.31 2.92 6.23
Costs to be accounted for
Work in process, February 1 32,360
Started into production 351,800
Total costs 384,160
Cost reconciliation Schedule
Costs accounted for
Transferred out 340,158
Work in process, February 28
Materials 37,403
conversion costs 6,599 44,002
Total costs 384,160

working note

1.Assumed that direct materials are introduced beginning of the production. Hence equivalent units for ending materials is 100% complete.

2.For conversion, Equivalent units for ending work in process = Ending work-in process units x % of completion = 11,300*1/5 = 2,260

3.Total costs

Materials Conversion
units amount units amount
Beginning Work-in process 15,000 18,000 14,360
Started into production 50,900 200,129 151,671 (67,500+84,171)
Units transfered 54,600
Ending Work-in process 2,260 (11,300*1/5)
Total costs 65,900 218,129 56,860 166,031


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