The following data pertain to the Fantasia Flour Milling Company for the month of October. Work in
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.
Step by Step Answer:
Managerial Accounting Creating Value in a Dynamic Business Environment
ISBN: 978-0078025662
10th edition
Authors: Ronald Hilton, David Platt