ACCT
Week#12 Tute-Answers-Chp#18

Production cost worksheet flow of production physical

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PRODUCTION COST WORKSHEET Flow Of Production Physical Units Direct Materials Conversion Work in process, beginning 6,000 Started during period 24,000 To account for 30,000 Good units completed: Beginning work in process 6,000 4,000 Started and completed 12,000 12,000 12,000 Normal spoilage 2,000 2,000 2,000 Work in process, ending 10,000 10,000 5,000 Accounted for 30,000 24,000 23,000 Costs Totals Direct Materials Conversion Work in process, beginning $ 5,000* Costs added during period 31,800 $18,000 $13,800 Total costs to account for $36,800 $18,000 $13,800 Divided by equivalent units ÷24,000 ÷23,000 Equivalent-unit costs $ 1.35 $ 0.75 $ 0.60 Assignment of cost : Work in process, beginning $ 5,000 Completion of beginning (4,000 × $0.60) 2,400 Total beginning inventory 7,400 Started and completed (12,000 × $1.35) 16,200 Normal spoilage (2,000 × $1.35) 2,700 Total costs transferred out 26,300 Work in process, ending Direct materials (10,000 × $0.75) $7,500 Conversion (10,000 × $0.60 × 0.5) 3,000 10,500 Costs accounted for $36,800 Note: *FIFO Method: Costs that are brought forward to this period will have to go out first, therefore ONLY this period costs are calculated for the equivalent-unit costs There additional work to be done for BWIP in term of Conversion Costs, to complete unit 4,000 equivalents units of Conversion Costs to be completed in this period 6
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