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Accounting

Process Cost Accounting Answers

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Answer (1)a)Units to account forUnits in beginning inventoryUnits startedTotal units to account for8,00015,00023,000b)Units transferred = units to account for units in ending inventory= 23,000-5,000 = 18,000 unitsc)Units transferred remain the same at 18,000 unitsd)Units transferred are 18,000Units from beginning inventory = 8,000Units started and completed = 18,000-8,000=10,000Answer (2)Production Cost Report Average Cost MethodFor the Month ofQuantity ScheduleQuantitiesPhysical UnitsUnits to be accounted forWork in Process, BeginningStarted into ProductionTotal UnitsUnits Accounted forTransferred OutWIP, EndingTotal UnitsCost per Equivalent UnitUnit CostsWIPCosts in MonthTotal CostEquivalent UnitsUnit CostsCost Reconciliation ScheduleCosts to be accounted forWIP, BeginningStarted into ProductionTotal CostsCosts Accounted forTransferred outWork in process, EndingMaterialLaborOverheadTotal WIPTotal costsEquivalent UnitsMaterialLabor5003,7004,2003,8004004,200Material2,50013,50016,0004,00043,8002004,0003,8002004,0001,2009,20010,4004,0002.6Overhead1,1008,5009,6004,0002.4Labor4,80031,20036,00034,2008005204801,80036,0003)a)Quantity ScheduleQuantitiesUnits to be accounted forWork in Process, BeginningStarted into ProductionTotal UnitsUnits Accounted forTransferred OutWIP, EndingTotal UnitsPhysical UnitsEquivalent UnitsMaterialLabor16,0001,00017, ...
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