Form yes yes yes yes 24000 400 12000 400 8000 400

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Form Yes Yes Yes Yes 24,000 4.00 12,000 4.00 8,000 4.00 44,000 Trim No Yes Yes Yes 9,000 3.00 6,000 3.00 15,000 Finish No No Yes Yes 12,000 6.00 12,000 Direct Material Costs -- Directly Traced to Product $96,000 $16.00 $57,000 $19.00 $50,000 $25.00 $203,000 Conversion Costs Assigned by Operation Required Operations Operation Standard Deluxe Executive Charging Rate Extrusion Yes Yes Yes $24.50 $147,000 $24.50 $73,500 $24.50 $49,000 $24.50 $269,500 Form Yes Yes Yes $12.00 72,000 12.00 36,000 12.00 24,000 12.00 132,000 Trim No Yes Yes $13.80 41,400 13.80 27,600 13.80 69,000 Finish No No Yes $21.00 42,000 21.00 42,000 Conversion Costs Assigned by Operation $219,000 $36.50 $150,900 $50.30 $142,600 $71.30 $512,500 Total costs assigned to products $315,000 $207,900 $192,600 $715,500 Total costs per unit $52.50 $52.50 $69.30 $69.30 $96.30 $96.30 2. Cost Assignment Deluxe Direct Material Costs -- Directly Traced to Product 1,000 Per Unit Required Operations Operation Standard Deluxe Executive Directly Traced Extrusion Yes Yes Yes Yes $12,000 $12.00 Form Yes Yes Yes Yes $4,000 4.00 Trim No Yes Yes Yes $3,000 3.00 Finish No No Yes Yes Direct Material Costs -- Directly Traced to Product $19,000 $19.00 Conversion Costs Assigned by Operation Required Operations Operation Standard Deluxe Executive Charging Rate Extrusion Yes Yes Yes $24.50 $24,500 $24.50 Form Yes Yes Yes $12.00 12,000 12.00 Trim No Yes Yes $13.80 600 $8,280 8,280 13.80 $8,280 Finish No No Yes $21.00 Conversion Costs Assigned by Operation $44,780 $50.30 Total costs assigned to Deluxe EWIP $63,780 Calculate the costs assigned to 1,000 units of Deluxe EWIP which are 100% complete except for trim operations which are 60% complete.
In-class Group Quiz on Process Costing Star Toys manufactures one type of wooden toy figure. It buys wood as its direct material for the Forming Department. Semi-completed toys are transferred from the Forming Department to the Finishing Department where the manufacturing process is completed. The accounting system at Star Toys has a single direct-cost category (direct materials) and a single indirect-cost category (conversion costs). Direct materials are added at the beginning of the Forming Department's process. Conversion costs are added evenly during production operations. The chief accountant has collected the following data concerning the Forming Department's operations during April 2007: Physical Direct Degree of Completion Units Materials Conversion DM Conversion (Toys) Costs Costs WIP, April 1 100% 40% 300 $7,500 $2,125 Started during April 2,200 Completed during April 2,000 WIP, April 30 100% 25% 500 New costs added in April $70,000 $42,500 Star Toys uses a process costing system to record operation. Required: Answer the following questions in the space allotted. 1. Prepare a schedule which displays the physical flow of operations for April 2007.
2. Prepare a schedule which displays the production costs to be accounted for during April 2007.
3. Prepare a schedule which displays the equivalent units of production using the FIFO method.

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