Please help me fill out the boxes below. The Cutting Department of Cassel Compan
ID: 2332240 • Letter: P
Question
Please help me fill out the boxes below.
The Cutting Department of Cassel Company has the following production and cost data for July.
Production
Costs
Materials are entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
Determine the equivalent units of production for (1) materials and (2) conversion costs.
Materials
Conversion Costs
eTextbook and Media
Compute unit costs. (Round unit costs to 2 decimal places, e.g. 2.25.)
$
$
eTextbook and Media
Prepare a cost reconciliation schedule. (Round unit costs to 2 decimal places, e.g. 2.25 and final answers to 0 decimal places, e.g. 1,225.)
Cost Reconciliation
Costs accounted for
Transferred out
$
Work in process, July 31
Materials
$
Conversion costs
Total costs
$
Production
Costs
1. Transferred out 13,600 units. Beginning work in process $0 2. Started 4,700 units that are 60% Materials 68,259 complete as to conversion Labor 18,686 costs and 100% complete as Manufacturing overhead 22,200 to materials at July 31.Explanation / Answer
a Materials Conversion Costs Units transferred out 13600 13600 Work in process, July 31 4700*100% 4700 4700*60% 2820 Total equivalent units 18300 16420 b Materials 68,259/18300 3.73 Conversion Costs (18,686+22,200)/16420 2.49 6.22 Transferred out 13600*6.22 84592 Materials 4700*3.73 17531 Conversion Costs 2820*2.49 7022 a Determine the equivalent units of production for (1) materials and (2) conversion costs. Materials Conversion Costs 18300 16420 b Compute unit costs. Materials 3.73 Conversion Costs 2.49 Cost Reconciliation Costs accounted for Transferred out 84592 Work in process, July 31 Materials 17531 Conversion Costs 7022 24553 Total costs 109145
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