facility that manufactures landing Romero Company Perth Division is a new state

Question

facility that manufactures landing Romero Company Perth Division is a new state of the art gears for airplanes. The September 30th ending work in process is comprised of labor and overhead and is approximately 60% complete. All materials are assumed to be 100% complete. Total materials costs during the period totaled $840,000 As the new plant accountant, you are asked to complete the production cost report which appears as ROMERO COMPANY-Perth Division Production Cost Report For the Month Ended September 30, 2017 Equivalent Units Quantities Units to be accounted for Work in process, September 1 Started into production 300 1,100 1,400 Total units Units accounted for 900 900 900 Work in process, September 30 500 500 Total units accounted for 1,400 COSTS Total Unit costs Costs in September $840,000 S 1,104,000 Equivalent units Unit costs $220 s Costs to be accounted for Work in process, Sept. 1 Started into production $243,400 Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, September Conversion costs 66,000 Total costs $1,104,000

Explanation / Answer

conversion costs work in progress sep 30 300 (500*60%) total units accounted for 1200 (900+300) costs materials $ conversion costs total $ costs in sep 840000 264000 1104000 total -materials equivalent units 1400 1200 unit costs 600 220 820 costs to be accounted for work in progress sep 1 243400 started into production 1110*820 = 910200 total cost 1153600 cost reconciliation transferred out 900 *820 = 738000 work in progress sep materials 500*600 = 300000 conversion costs 66000 366000 total 1104000

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