The Welding Department of Thorpe Company has the following production and manufa
ID: 2461713 • Letter: T
Question
The Welding Department of Thorpe Company has the following production and manufacturing cost data for February 2014. All materials are added at the beginning of the process.
Manufacturing Costs
Production Data
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.)
THORPE MANUFACTURING COMPANY
Welding Department
Production Cost Report
For the Month Ended February 28, 2014
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
Manufacturing Costs
Production Data
Beginning work in process Beginning work in process 15,400 units, 1/10 complete Materials $18,180 Units transferred out 48,790 Conversion costs 14,660 $32,840 Units started 45,760 Materials 220,344 Ending work in process 12,370 units, 1/5 complete Labor 52,360 Overhead 91,898Explanation / Answer
Poduction cost report for the Welding Department for the month of February using Weighted Average Cost Method.
THORPE MANUFACTURING COMPANY Welding Department Production Cost Report For the Month Ended February 28, 2014 Equivalent Units Quantities Physical Conversion Units Materials Costs Units to be accounted for Work in process, February 1 15,400 Started into production 45,760 Total units 61,160 Units accounted for Transferred out 48,790 100% 48,790 100% 48,790 Work in process, February 28 12,370 100% 12,370 20% 2,474 Total units 61,160 61,160 51,264 Costs Conversion Materials$ Costs$ Total$ Unit costs Total Costs 238,524 158,918 Equivalent units 61,160 51,264 Unit costs 3.90 3.10 Costs to be accounted for Work in process, February 1 18,180 14,660 Started into production 220,344 144,258 Total costs 238,524 158,918 397,442 Cost Reconciliation Schedule Costs accounted for $ $ $ Transferred out (48,790 units*$3.9) 190,281 (48,790 units*$3.1) 151,248.62 341,529.62 - Work in process, February 28 - Materials (12,370 units*3.9) 48,243 48,243.00 - Conversion costs (2,474 units*$3.1) 7,669.38 7,669.38 Total costs 397,442Related Questions
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