Process Costing

Cost Accounting 306 Problem 4 the following data appeared in the accounting records of The Beautiful Company: 10,500 units Started in process 1,500 units Completed and transferred 2/5 complete Work in process, end of month Stage of completion 72,000 Costs: P Materials 88,800 Labor 44,400 Overhead One half of the materials are added at the beginning of the process and the balance when the units are one-half completed. Required: Calculate the following: 1. Equivalent production for materials and conversion cost. 2. Cost of the units completed and transferred. 3. Cost of the units in process at the end of the month. Problem 5 ABM Company uses two departments to produce a product. The following data were taken from the books for the month of January, 2019. Department 1 Department 2 Units: Started 60,000 Completed & transferred 40,000 In process, end 30,000 20,000 Stage of completion 10,000 Costs: 75% 80% Materials P Labor 480,000 330,000 P 245,000 Factory overhead 220,000 190,000 114,000 Department 1 - all materials added at the beginning of the process. Department 2 - 50% of the materials are added at the beginning of the process, remaining 50% added at the end of the process. Required: Cost of production report