Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in...
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Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Direct materials Conversion costs Total costs added Amount $ 12,000 During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. $ 310, 200 396,800 $ 797,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs transferred in from Mixing would have been $164,450 for the amount transferred in this month. Required: Prepare a production cost report for September for the Refining Department. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of Production Units Units to be accounted for: Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for: Units completed and transferred out: From beginning inventory Started and completed currently Units in ending WIP inventory Total units accounted for Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit: Prior department costs Materials Conversion Materials Conversion EDWINA INDUSTRIAL PRODUCTS Costs accounted for Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory: Prior department costs Materials Conversion Total costs from beginning inventory Current costs of units started and completed: Prior department costs Materials Conversion Total costs of units started and completed Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Total ending WIP inventory Total costs accounted for Refining Department Production Cost Report-FIFO Physical units 25,000 275,000 300,000 25,000 235,000 40,000✔ 300,000 Total Costs S S 69,120 872,000 941,120 S S 69,120 69,120 0 S 69,120 Prior Department Materials Conversion Costs 0 S 69,120 IS $ S S 0 235,000 40,000✔ 275,000 0.60✔✔ 0✔ 235,000 12,000 0 12,000 $ 27,800 165,000 177,000 235,000 $ 310,200 $ 338,000 $ $ 1.32✔✔ $ 12,000 $ 27,800 $ 5,000 235,000 8,000 248,000 29,320 396,800 426,120 1.60 29,320 $ 27,800 S 29,320 Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 25,000 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Direct materials Conversion costs Total costs added Amount $ 12,000 During September, 275,000 units were transferred in from Mixing at a cost of $165,000. The following costs were added in Refining in September. $ 310, 200 396,800 $ 797,000 $ 27,800 29,320 $ 57,120 $ 69,120 100% 80% Refining finished 260,000 units in September and transferred them to Packaging. At the end of September, there were 40,000 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs transferred in from Mixing would have been $164,450 for the amount transferred in this month. Required: Prepare a production cost report for September for the Refining Department. Note: Round "Cost per equivalent unit" to 2 decimal places. Flow of Production Units Units to be accounted for: Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for: Units completed and transferred out: From beginning inventory Started and completed currently Units in ending WIP inventory Total units accounted for Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit: Prior department costs Materials Conversion Materials Conversion EDWINA INDUSTRIAL PRODUCTS Costs accounted for Costs assigned to units transferred out: Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory: Prior department costs Materials Conversion Total costs from beginning inventory Current costs of units started and completed: Prior department costs Materials Conversion Total costs of units started and completed Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Total ending WIP inventory Total costs accounted for Refining Department Production Cost Report-FIFO Physical units 25,000 275,000 300,000 25,000 235,000 40,000✔ 300,000 Total Costs S S 69,120 872,000 941,120 S S 69,120 69,120 0 S 69,120 Prior Department Materials Conversion Costs 0 S 69,120 IS $ S S 0 235,000 40,000✔ 275,000 0.60✔✔ 0✔ 235,000 12,000 0 12,000 $ 27,800 165,000 177,000 235,000 $ 310,200 $ 338,000 $ $ 1.32✔✔ $ 12,000 $ 27,800 $ 5,000 235,000 8,000 248,000 29,320 396,800 426,120 1.60 29,320 $ 27,800 S 29,320
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EDWINA INDUSTRIAL PRODUCTS Refining Department Production Cost ReportFIFO Physical units Total units accounted for 275000 Units completed and transferred out 235000 Units in ending WIP inventory 40000 ... View the full answer
Related Book For
Introduction to Operations Research
ISBN: 978-1259162985
10th edition
Authors: Frederick S. Hillier, Gerald J. Lieberman
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