Premier Products Inc. has three departments and uses the process cost system of accounting. A portion of the departmental cost work sheet prepared by the cost accountant at the end of July is reproduced below.

Required:
Prepare a cost of production summary for each department. (Round unit costs to three decimal places and totals to the nearest whole dollar.)

Transcribed Image Text:

Premier Products, Inc Department Cost Work Sheet For the Month Ended July 31, 2016 Units Cost per Unit Units Amount Amount Received in Transferred Charged to Credited to Analysis Cutting Transferred Department or on Hand Department Department 6,600 Costs for month: Labor. . .. $2.67 Factory overhead...$2.33 Completed and transferred to Shaping $10.00 $30,000 16,000 14,000 5,400 1.200 6,600 $54,000 6,000 $60,000 Closing inventory in process (1/2 completed) . . . 6,600 $60,000 Shaping Received during month from Cutting Costs added during month: 5,400 $54,000 1,200 6,000 4,800 0.25 Completed and transferred to Finishing $12.50 Closing inventory in process 4,400 1,000 5,400 $55,000 11,000 $66,000 5,400 $66,000 Finishing Received during month from Shaping Costs added during month 4,400 $55,000 1.50 6,300 4,200 6,300 Factory overhead. . .1.50 Completed and transferred to stock $16.50 Closing inventory in process 4,000 $66,000 400 4,400 4 400 $71800 $71800