The following data are from MM&M; Chocolate Coating Production Department. It us
ID: 2572853 • Letter: T
Question
The following data are from MM&M; Chocolate Coating Production Department. It uses the average costing system. Production Costs: Work in process Beginning consists of: Materials Labor Factory Overhead Total Costs incurred during the month: Materials Labor Overhead Total 3. $ 5,200 4,600 2.000 $11,800 $20,000.00 15,000.00 12,000.00 $47,000 $58,800 Finished and transferred out work in process ending 2/3 completed = 3,000 units Required: = 18,000 units Prepare in good form a production report for the period ended December 31, 2014.Explanation / Answer
Equivalent Units statement Material Conversion Particulars Units Output Equivalent units % complete Equivalent units % complete Finished Goods 18000 18000 100% 18000 100% Closing WIP 3000 2000 67% 2000 67% 21000 20000 20000 Statement Showing cost per unit Cost of Opening WIP Current Cost Total Equivalent units Cost per unit Material 5200 20000 25200 20000 1.26 Conversion 6600 27000 33600 20000 1.68 Cost per unit $2.94 per unit Cost of production summary Total cost of Completed Goods 52,920 (18000 units@2.94 per unit) Cost of Closing WIP 5880 (2000 Eq units@2.94 per unit)
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