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Production Cost Report for Aussie Yarn Co.

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Aussie Yarn Co. is a U.S. producer
of woolen yarn made from wool imported from Australia. Raw wool is processed, spun, and
finished before being shipped out to knitting and weaving companies. Material is added
in the beginning of processing, and conversion costs are added evenly throughout processing.
Aussie began the month of August with 6,000 units in process that were 100 percent
complete as to materials and 70 percent complete as to labor and overhead. It started 29,000
units into production during the month of August of which 5,000 remained in ending Work
in Process inventory and were 50 percent complete as to conversion costs. The cost data are
as follows:

Beginning work in process:
Direct materials $5,000
Direct labor 1,300
Manufacturing overhead 1,800
$8,100

Costs added during August:
Direct materials $26,500
Direct labor 12,350
Manufacturing overhead 14,450
$53,300

Required
Prepare a production cost report for the month of August.

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Solution Summary

The expert examines the production cost report for Aussie Yarn Co. The report is provided for the month of August.

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