Explore BrainMass

Explore BrainMass

    Production Cost Report

    This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

    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

    © BrainMass Inc. brainmass.com June 3, 2020, 9:46 pm ad1c9bdddf
    https://brainmass.com/business/project-management/production-cost-report-198072

    Attachments

    Solution Preview

    Please see the attched file. Since the answer template was provided, the calculation are self explanatory. If you need any clarification, please let me know.

    Thank you for choosing Brainmass

    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 ...

    Solution Summary

    The solution explains how to prepare a production cost report

    $2.19

    ADVERTISEMENT