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Exercise_Chapter_08_send - 8-39 Name Prepare a Production...

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8-39 Name Prepare a Production Cost Report and Adjust Inventory Balances: Weighted Avarage Method - Elmhurst Parts Enter the required data in the shaded cells Part a. Physical Materials Labor Overhead Units Equiv. Units Equiv. Units Equiv. Units Flow of production units: Units to be accounted for: Beginning WIP inventory 400,000 Units started this period 2,000,000 Total units to be accounted for 2,400,000 Units accounted for: Units completed and transferred out: From beginning inventory 400,000 Started and completed currently 1,400,000 Total transferred out 1,800,000 1,800,000 1,800,000 1,800,000 Units in ending WIP inventory 600,000 600,000 240,000 240,000 Total units accounted for 2,400,000 2,400,000 2,040,000 2,040,000 Details Flow of costs: Total Costs Materials Labor Overhead Costs to be accounted for: Costs in beginning WIP inventory $2,038,000 $400,000 $910,000 $728,000 Current period costs $9,224,000 2,600,000 3,680,000 2,944,000 Total costs to be accounted for $11,262,000 $3,000,000 $4,590,000 $3,672,000 Costs per equivalent unit $1.25 $2.25 $1.80 Costs accounted for: Assigned to units transferred out: $9,540,000 $2,250,000 $4,050,000 $3,240,000 Costs assigned to ending WIP 1,722,000 750,000 540,000 432,000 Total costs accounted for $11,262,000 $3,000,000 $4,590,000 $3,672,000 Part b.
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