Question 3 (10 marks) Complete the production cost report for the Finishing Depa

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Question 3 (10 marks) Complete the production cost report for the Finishing Department for the month of June using the information provided. Note: The actual exam does not include this form. Please learn it! oop Company uses a process cost system. The Finishing Department adds materials at conversion costs are incurred uniformly throughout I was 60% complete, and work in process on June the beginning of the process, and the process work in process on June 30 was 25% complete. BOOP MANUFACTURING COMPANY Finishing Department - Production Cost Report For the Month Ended June 30, 2016 Equivalent Units QUANTITIES Physical Units Materials Conversion Costs Work in process, Jun 1 10,000 Started into production35,000 45.000 Total units Transferred out Work in process, Jun 30 9.000 Total units COSTS Unit costs Materials Conversion Costs Total $171,000 Costs in Jun Equivalent units Unit costs $91.800 $262.800 Costs to be accounted for Work in process, Jun 1 Started into production $ 52,800 210.000 $262.800 Total costs

Explanation / Answer

Solution :

Computation of Equivalent unit of Production - Finishing Department - Weighted Average Particulars Physical Units Material Conversion Unit completed & Transferred out 36000 36000 36000 Closing WIP: 9000 Material (100%) 9000 Conversion (25%) 2250 Equivalent units of production 45000 45000 38250

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