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Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production.   Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete   60% 30% Units Started 3,150     Costs Added in September   $ 28,940 $ 8,156 Inventory on September 30 1,200     % Complete   80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory: Units Started: Units to Account for:   Ending Inventory: Units Completed and Transferred: Units to Account for:   Step 2: Compute the Equivalent Units of Production.     Beginning Inventory: Material and Conversion % Complete: Material and Conversion % to Complete: Material and Conversion Equivalent Units: Material and Conversion   Units Completed and Transferred: Material and Conversion Beginning Inventory: Material and Conversion Units Started and Completed: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion   Ending Inventory: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion   Total Equivalent Units of Production: Material and Conversion   Step 3:  Compute the Cost per Equivalent Unit of Production     Beginning Inventory Cost: Material and Conversion Costs Added: Material and Conversion Total Cost to Account for: Material and Conversion   Total Equivalent Units of Production: Material and Conversion Cost Per Equivalent Unit: Material and Conversion Total Cost per Equivalent Unit: Material + Conversion   Step 4:  Reconciling Costs.     Beginning Inventory Cost: Material, Conversion and Total Costs Added: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total   Cost of Beginning Inventory from Last Month: Material, Conversion and Total Cost of Beginning Inventory Completed in September: Material, Conversion and Total Cost of Units Started and Completed: Material, Conversion and Total Cost of Units in Ending Inventory: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total

Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production.   Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete   60% 30% Units Started 3,150     Costs Added in September   $ 28,940 $ 8,156 Inventory on September 30 1,200     % Complete   80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory: Units Started: Units to Account for:   Ending Inventory: Units Completed and Transferred: Units to Account for:   Step 2: Compute the Equivalent Units of Production.     Beginning Inventory: Material and Conversion % Complete: Material and Conversion % to Complete: Material and Conversion Equivalent Units: Material and Conversion   Units Completed and Transferred: Material and Conversion Beginning Inventory: Material and Conversion Units Started and Completed: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion   Ending Inventory: Material and Conversion % Complete: Material and Conversion Equivalent Units: Material and Conversion   Total Equivalent Units of Production: Material and Conversion   Step 3:  Compute the Cost per Equivalent Unit of Production     Beginning Inventory Cost: Material and Conversion Costs Added: Material and Conversion Total Cost to Account for: Material and Conversion   Total Equivalent Units of Production: Material and Conversion Cost Per Equivalent Unit: Material and Conversion Total Cost per Equivalent Unit: Material + Conversion   Step 4:  Reconciling Costs.     Beginning Inventory Cost: Material, Conversion and Total Costs Added: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total   Cost of Beginning Inventory from Last Month: Material, Conversion and Total Cost of Beginning Inventory Completed in September: Material, Conversion and Total Cost of Units Started and Completed: Material, Conversion and Total Cost of Units in Ending Inventory: Material, Conversion and Total Total Cost to Account for: Material, Conversion and Total

Cornerstones of Cost Management (Cornerstones Series)
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 16E: Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The...
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Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production.

  Units Materials Cost Conversion Cost
Inventory on September 1 950 $ 5,550 $ 2,354
% Complete   60% 30%
Units Started 3,150    
Costs Added in September   $ 28,940 $ 8,156
Inventory on September 30 1,200    
% Complete   80% 60%

Required:

Use the information above to complete a Process Costing Production Report under the FIFO Assumption.

Beginning Inventory:
Units Started:
Units to Account for:
 
Ending Inventory:
Units Completed and Transferred:
Units to Account for:
 
Step 2: Compute the Equivalent Units of Production.
 
 
Beginning Inventory: Material and Conversion
% Complete: Material and Conversion
% to Complete: Material and Conversion
Equivalent Units: Material and Conversion
 
Units Completed and Transferred: Material and Conversion
Beginning Inventory: Material and Conversion
Units Started and Completed: Material and Conversion
% Complete: Material and Conversion
Equivalent Units: Material and Conversion
 
Ending Inventory: Material and Conversion
% Complete: Material and Conversion
Equivalent Units: Material and Conversion
 
Total Equivalent Units of Production: Material and Conversion
 
Step 3:  Compute the Cost per Equivalent Unit of Production
 
 
Beginning Inventory Cost: Material and Conversion
Costs Added: Material and Conversion
Total Cost to Account for: Material and Conversion
 
Total Equivalent Units of Production: Material and Conversion
Cost Per Equivalent Unit: Material and Conversion
Total Cost per Equivalent Unit: Material + Conversion
 
Step 4:  Reconciling Costs.
 
 
Beginning Inventory Cost: Material, Conversion and Total
Costs Added: Material, Conversion and Total
Total Cost to Account for: Material, Conversion and Total
 
Cost of Beginning Inventory from Last Month: Material, Conversion and Total
Cost of Beginning Inventory Completed in September: Material, Conversion and Total
Cost of Units Started and Completed: Material, Conversion and Total
Cost of Units in Ending Inventory: Material, Conversion and Total
Total Cost to Account for: Material, Conversion and Total
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