produces a chemical used as a base in paints.In the manufacturing process, all materials are added
at the start of the process,whereas labor and overhead are added evenly throughout production.
Fill in the missing information in Marion's Production Cost Report for the month of December
Production Cost Report
Units in beginning WIP (100% material, 10% conversion costs) 8,000
Units started during December ?
Units to account for ?
Units completed ?
Units in ending WIP (100% material, 20% conversion costs) 4,000
Units accounted for ?
Cost per Equivalent Unit Calculation
Material Labor Overhead Total
Beginning WIP $45,200 $10,500 $26,300 $ 82,000
Cost incurred in December ? ? ? ?
Total ? ? ? ?
Units completed ? ? ?
Equivalent units, ending WIP ? ? ?
Total ? ? ?
Cost per equivalent unit $1.70 $1.32 $2.64 ?
Total cost to account for $2,896,568
Cost of completed items $2,886,600
Cost of ending WIP
Overhead ? ?
Total cost accounted for $2,896,568
The solution explains how to determine the missing information in a production cost report