Question

The following data pertain to the Fantasia Flour Milling Company for the month of October.
Work in process, October 1 (in units)....................................................... ?
Units started during October.................................................................... 70,000
Total units to account for.......................................................................... 80,000
Units completed and transferred out during October............................... ?
Work in process, October 31 (in units)..................................................... 5,000
Total equivalent units: direct material....................................................... 80,000
Total equivalent units: conversion............................................................ ?
Work in process, October 1: direct material............................................. $112,000
Work in process, October 1: conversion................................................... ?
Costs incurred during October: direct material...................................... ?
Costs incurred during October: conversion.............................................. 900,000
Work in process, October 1: total cost...................................................... 142,225
Total costs incurred during October.......................................................... 1,500,000
Total costs to account for.......................................................................... 1,642,225
Cost per equivalent unit: direct material.................................................... 8.90
Cost per equivalent unit: conversion.......................................................... ?
Total cost per equivalent unit..................................................................... 20.75
Cost of goods completed and transferred out during October.................. ?
Cost remaining in ending work-in-process inventory: direct material....... ?
Cost remaining in ending work-in-process inventory: conversion............. 41,475
Total cost of October 31work in process................................................... 85,975
Additional Information:
a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.
b. Fantasia uses weighted-average process costing.
c. The October 1 work in process was 15 percent complete as to conversion.
d. The October 31 work in process was 70 percent complete as to conversion.

Required:
Compute the missing amounts, and prepare the firm's October production report.



$1.99
Sales0
Views76
Comments0
  • CreatedApril 22, 2014
  • Files Included
Post your question
5000