uestion No Below mentioned information is extracted from a production company th

Question

uestion No Below mentioned information is extracted from a production company that produces a variety of technical items to be exported outside UAE; Work in process, Jan 2000 units Materials: Conversion Production started during January: Production completed during Jan Costs added to production in Jauary Materials cost Conversion cost Work in process, January 31 Materials Conversion 50% complete S 19,000 30% complete 11,000 20,000 units uary 19.200 units S 801,200 750,800 30% complete 20% complete Required: Prepare a production cost report with all three sections using the weighted- average method of process costing. Section One Quantity schedule with equivalent units Section Two Cost per equivalent unit Section Three- Cost reconciliation [8 marks] [8 marks] [4 marks]

Explanation / Answer

a) Quantity schedule with equivalent units :

Calculate cost per equivalent unit :

Cost reconciliation :

Physical unit % material % conversion cost Unit completed and transferred out 19200 100% 19200 100% 19200 Ending work in process 2800 30% 840 20% 560 Total equivalent unit 20040 19760

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