The Welding Department of Thorpe Company has the following production and manufa
ID: 2465803 • 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
Quantities Physical Units Materials Conversion Costs Units to be accounted for Work in process, February 1 15400 Started into production 45760 Total units 61160 Units accounted for Transferred out 48790 48790 48790 Work in process, February 28 12370 12370 2474 Total units 61160 61160 51264 Unit costs Total Costs 238524 158918 Equivalent units 61160 51264 Unit costs 3.9 3.10 Costs to be accounted for Work in process, February 1 32840 Started into production 364602 Total costs 397442 Cost Reconciliation Schedule Costs accounted for Transferred out 341530 Work in process, February 28 Materials 48243 Conversion costs 7669 55912 Total costs 397442
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