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Oct 26th, 2015
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Problem 16-7A

Rondeli Company manufactures bicycles and tricycles. For both products, materials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as follows.


Production Data—Bicycles


Units

Percent
Complete

Work in process units, March 120080%
Units started into production1,340
Work in process units, March 3131040%


Cost Data—Bicycles


Units

Percent
Complete

Work in process units, March 1$19,270
Direct materials49,730
Direct labor25,120
Manufacturing overhead29,950


Production Data—Tricycles


Units

Percent
Complete

Work in process units, March 11,00075%
Units started into production800
Work in process units, March 316025%


Cost Data—Tricycles


Units

Percent
Complete

Work in process units, March 1$6,070
Direct materials30,490
Direct labor15,230
Manufacturing overhead19,900
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">

Calculate the following for both the bicycles and the tricycles.

(1) The equivalent units of production for materials and conversion costs.

Materials

Conversion Costs

Equivalent Units of bicycles

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_1">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_003">

Equivalent Units of tricycles

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_005">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_007">


(2) The unit costs of production for materials and conversion costs. (Round unit costs to 3 decimal places, e.g. 25.215.)

Materials

Conversion Costs

Unit costs of bicycles

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_009">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_011">

Unit costs of tricycles

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_013">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_015">


(3) The assignment of costs to units transferred out and in process at the end of the accounting period. (Round answers to 0 decimal places, e.g. 2,520.)

Bicycles

Costs accounted for:

 Transferred out

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_017">

 Work in process, March 1

 Materials

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_019">

 Conversion costs

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_021">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_023">

 Total costs

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_025">


Tricycles

Costs accounted for:

 Transferred out

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_027">

 Work in process, March 1

 Materials

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_029">

 Conversion costs

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_031">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_033">

 Total costs

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_035">

[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">
[img border="0" alt="" height="1" width="8" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif">

Prepare a production cost report for the month of March for the bicycles only. (Round unit costs to 3 decimal places, e.g. 25.123 and all other answers to 0 decimal places, e.g. 2,520.)

RONDELI COMPANY
Production Cost Report—Bicycles
For the Month Ended March 31

Equivalent Units

Quantities

Physical
Units


Materials

Conversion
Costs

Units to be accounted for
 Work in process, March 1

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_037">

 Started into production

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_039">

Total units

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_041">

Units accounted for
 Completed and transferred out
 Work in process, March 1

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_043">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_045">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_047">

 Started and completed

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_049">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_051">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_053">

 Work in process, March 31

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_055">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_057">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_059">

Total units

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_061">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_063">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_065">


Costs


Materials

Conversion
Costs


Total

Unit costs
 Costs in March

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_067">

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_069">

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_071">

 Equivalent units

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_073">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_075">

 Unit costs

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_077">

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_079">

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_081">

Costs to be accounted for
 Work in process, March 1

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_083">

 Started into production

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_085">

Total costs

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_087">

Cost Reconciliation Schedule

Costs accounted for
 Transferred out
 Work in process, March 1

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_089">

 Conversion costs to complete beginning inventory

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_091">

 Started and completed

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_093">

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_095">

 Work in process, March 31
 Materials

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_097">

 Conversion costs

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_099">

[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_101">

 Total costs

$[img alt="" src="http://edugen.wileyplus.com/edugen/art2/common/pixel.gif" class="answerMarker" id="amarker_res_EAT_1351252642769_0_818970966501276_103">



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