Production Cost Report
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Please see attached.
a) Plant A:
(1) Transferred out 18,000
WIP 2,000
(2) Materials 20,000
CC 19,400
(3) Materials $42
CC $32
(4) Transferred out $1,332,000
WIP $128,800
WORKSHEET
(a) (1) Physical units
R12
Refrigerators F24
Freezers
Units to be accounted for
Work in process, Jun 1
Started into production
Total units
Units accounted for
Transferred out
Work in process, Jun 30
Total units
     0
xxx
20,000
xxx
 xxx
xxx
     0
xxx
20,000
xxx
   xxx
xxx
(2) Equivalent units
R12 Refrigerators
Materials Conversion
Costs
Units transferred out
Work in process, June 30
(2,000 X 100%)
(2,000 X 70%)
Total equivalent units xxx
 xxx
00,000
20,000 xxx
   xxx
19,400
F24 Freezers
Materials Conversion
Costs
Units transferred out
Work in process, June 30
(3000 X 100%)
(3000 X 50%)
Total equivalent units xxx
   xxx
00,000
20,000 xxx
   xxx
18,500
(3) Unit costs
R12
Refrigerators F24
Freezers
Materials ($840,000 ÷ 20,000)
($700,000 ÷ 20,000)
ConvConversion costs ($620,800 ÷ 19,400)
($555,000 ÷ 18,500)
Total $x
 x
000
$74
$x
 x
$65
(4) Plant A R12 Refrigerators
Costs accounted for
Transferred out (xxx X $74.00) $xxx
Work in process
Materials (xxx X $42.00) $xxx
Conversion costs (xxx X $32.00)   xxx   xxx
Total costs $1,460,800
Plant B F24 Freezers
Costs accounted for
Transferred out (xxx X $65.00) $xxx
Work in process
Materials (xxx X $35.00) $xxx
Conversion costs (1,500 X $30.00)  xxx   xxx
Total costs $1,255,000
(b) STEIN INDUSTRIES INC.
Stamping Department?Plant A
Production Cost Report
For the Month Ended June 30, 2005
Equivalent Units
Quantities Physical
Units
Materials Conversion
Costs
(Step 1) (Step 2)
Units to be accounted for
Work in process, June 1
Started into production
Total units
Units accounted for
Transferred out
     0
xxx
xxx
xxx
xxx
Xxx
Work in process, June 30  xxx  xxx    xxx (2,000 X 70%)
Total units 20.000 20,000 19,400
Costs
Materials Conversion
Costs
Total
Unit costs (Step 3)
Costs in June
Equivalent units
Unit costs (a) ÷ (b)
Costs to be accounted for
Work in process, June 1
Started into production
Total costs
(a)
(b)
$xxx
  xxx
     $42
$xxx
  xxx
     $32
$xxx
     $74
$      0
 xxx
$1,460,800
Cost Reconciliation Schedule (Step 4)
Costs accounted for
Transferred out (xxx X $74)
Work in process, June 30
Materials (xxx X $42)
Conversion costs (xxx X $32)
Total costs
 $xxx
   xxx
$xxx
  xxx
$1,460,800
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a) Plant A:
(1) Transferred out 18,000
WIP 2,000
(2) Materials 20,000
CC 19,400
(3) Materials $42
CC $32
(4) Transferred out $1,332,000
WIP $128,800
WORKSHEET
(a) (1) Physical units
R12
Refrigerators F24
Freezers
Units to be accounted for
Work in process, Jun 1
Started into production
Total units
Units accounted for
Transferred out
Work in process, Jun 30
Total units
     0
20,000
20,000
18,000
 2,000
20,000
     0
20,000
20,000
17,000
   3,000
20,000
Started in production is given. We are also given work in process on June 30. Since units to be accounted for and units accounted for are to be the same, the difference is transferred ...
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