Complete the remaining part Cost of Production Report The Cutting Department of

Question

Complete the remaining part

Cost of Production Report The Cutting Department of Karachi Carpet Company provides the following data for January. Assume that al materials are added at the beginning of the process work in process, January 1, 7,800 units, 65% completed $98,202 Direct materials (7,800 x $9.6) Conversion (7,800 x 65% × $4.6) $74,890 23,322 $98,202 Materials added during January from Weaving Department, 120,000 units Direct labor for January Factory averhead for January Goods finished during January (includes goods in process, January 1), 121,400 units work in process, January 31, 6,400 units, 45% completed a. Prepare a cost of production report for the Cutting Department. If an amount is zero or a blank, enter in 0 For the cost per equivalent unit computations, round your answers to two decimal places $1,170,000 252,129 308,158 Karachi Carpet Company For the Month Ended January 31 Units charged to production Inventory in process, January 1 Received from Weaving Department Total units accounted for by the Cutting Department Units to be assigned costs 7,800 120,000 127,800 Equivalent Units Whole Units Inventory in process, January 1 Started and completed in January Transferred to finished goods in January Inventory in process, January 31 Total units to be assigned costs 7,800 113,600 121,400 6,400 127,800 113,600 113,600 6,400 120,000 2730 113,600 116,330 2,880 119,210 Casts per equivalent unit: 560,287 119,2101 1,170,000 Total costs for January in Cutting Department Total equivalent units Cast per equivalent unit Costs assigned to production: 120,000 9.751 4.7

Explanation / Answer

Units charged to production Inventory in process Jan1 7800 Received from weaving Department 120000 Total units to be accounted for 127800 PRODUCTION COST REPORT UNIITS EUP-MATERIAL EUP-CONVERSION UNIts to complete beginning WIP 7800 0 2730 Units started and completed 113600 113600 113600 Uniits in Ending WIP 6400 6400 2880 Equivalent units of production 127800 120000 119210 COST PER EQUIVALENT PRODUCTION MATERIAL CONVERSION Total cost 1170000 560287 Divide: Equivalent units of production 120000 119210 Cost per Equivalent units 9.75 4.7 TOTAL COST TO ACCOUNTS FOR: Inventory in Procee Jan 1 98202 Cost incurred 1730287 TOTAL cost to account for 1828489 TOTAL COST ACCOUNTED FOR: Inventory in process jan 1 98202 To complete inventory in jan1 12831 12831 Cost of completed work in process Jan1 111033 Started and completed 1107600 533920 1641520 Cost of Transferred to finished Goods 1752553 Inventory in procees jan 31 62400 13536 75936 Total Cost assigned 1828489

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