can i please get help with problem P3-7B Problems: Set B 3 Venuchi Cleaner Compa
ID: 341171 • Letter: C
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can i please get help with problem P3-7B
Problems: Set B 3 Venuchi Cleaner Company Mixing and Blending Department Production Cost Report For the Month Ended March 31 Equivalent Units Ouantities Units to be accounted for Physical Units Conversion Costs Materials Work in process, March 1 Started into production 10,000 76,000 86,000 Total units Units accounted for Transferred out Work in process, March 31 66,000 (60% materials, 20% conversion cOSts Total units 20,000 86,000 Costs Total $254,000 Materials Costs $98,000 Unit costs Total cost Equivalent units Unit costs Work in process, March 1 Started into production Costs to be accounted for $8,700 245,300 Total costs Conversion Materials Total Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 31 Conversion costs Total costs Instructions (a) Prepare a schedule that shows how the cquivalent units were computed so that you (a) Materials $2.00 mplete the "Ouantities: Units accounted for" equivalent units section shown in (b) Transferred out $224 400 5 29,600 can com the production cost report above, and compute March unit costs (b) Complete the "Cost Reconciliation Schedule" part of the production cost report WIP above Detennine equivalent senits Holiday Company manufactures basketballs and soccer balls. For both products, and unit costs and ass materials are added at the beginning of the production process and conversion costs are costs for processes: prepare incurred uniformly. Holiday uses the FIFO method to compute equivalent units. Produc production cost report. tion and cost data for the month of August are shown below. LO 5), AP Percent Complete 60% Production Data-Soccer Balls Work in process units, August 1 Units started into production work in process units, August 31 Complete 80% Production Data-Basketballs Work in process units, August 1 Units started into production Work in process units, August 31 Units 500 2,000 600 Units 2,000 150 50% 70% Cost Data- -Soccer Balls Cost Data-Basketballs Work in process, August I Direct materials Direct labor Manufacturing overhead Work in process, August 1 Direct materials Direct labor $1,125 2,800 1,000 Manufacturing overheadExplanation / Answer
Answer P3-7B Production Cost Report - Basket Ball Particulars Equivalent Units Physical Units Materials Conversion Costs Units to be accounted for Work in process - Beginning - Aug-1 500 Started into production 2,000 Total units 2,500 Units accounted for Goods Units Completed & transferred out: From Beginning WIP 500 - 200 (0% materials, 40% conversion costs) Started & Completed (2,500 - 500 - 600) 1,400 1,400 1,400 Work in process, Ending 600 600 300 (100% materials, 50% conversion costs) Equivalent units accounted for 2,500 2,000 1,900 Materials Conversion Costs Total Total Cost to Account for: WIP, Beginning - - 1,125 Cost added in current period 1,600 2,280 3,880 Total cost to be account for 1,600 2,280 5,005 Cost added in current period 1,600 2,280 3,880 Equivalent Units of work done in current Period 2,000 1,900 Cost per Equivalent Unit 0.80 1.20 2.00 Assignment of Costs: Goods Units and Completed out (1,900 Units) WIP, Beginning - (500 Units) - - 1,125 Cost added to Beg. WIP in Current period - 240 240 (200 units X $2) Total of Beginning Inventory - 240 1,365 Started and completed - 1,400 Units 1,120 1,680 2,800 (1,400 units X $0.80) (1,400 units X $1.20) Total Cost of good units completed & transferred out 1,120 1,920 4,165 WIP, Ending - 600 Units 480 360 840 (600 units X $0.80) (300 units X $1.20.) Total Cost accounted For 1,600 2,280 5,005 Production Cost Report - Soccer Ball Particulars Equivalent Units Physical Units Materials Conversion Costs Units to be accounted for Work in process - Beginning - Aug-1 200 Started into production 2,000 Total units 2,200 Units accounted for Goods Units Completed & transferred out: From Beginning WIP 200 - 40 (0% materials, 20% conversion costs) Started & Completed (2,200 - 200 - 150) 1,850 1,850 1,850 Work in process, Ending 150 150 105 (100% materials, 70% conversion costs) Equivalent units accounted for 2,200 2,000 1,995 Materials Conversion Costs Total Total Cost to Account for: WIP, Beginning - - 450 Cost added in current period 2,800 2,394 5,194 Total cost to be account for 2,800 2,394 5,644 Cost added in current period 2,800 2,394 5,194 Equivalent Units of work done in current Period 2,000 1,995 Cost per Equivalent Unit 1.40 1.20 2.60 Assignment of Costs: Goods Units and Completed out (2,050 Units) WIP, Beginning - (200 Units) - - 450 Cost added to Beg. WIP in Current period - 48 48 (40 units X $1.20) Total of Beginning Inventory - 48 498 Started and completed - 1,850 Units 2,590 2,220 4,810 (1,850 units X $1.40) (1,850 units X $1.20) Total Cost of good units completed & transferred out 2,590 2,268 5,308 WIP, Ending - 150 Units 210 126 336 (150 units X $1.40) (105 units X $1.20) Total Cost accounted For 2,800 2,394 5,644
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