2 answers

Badgersize company

Question:

Badgersize Company has the following information for its Forming Department for the month of August:
Work in Process Inventory, August 1: 20,000 units
Direct materials: 100% complete $ 80,000
Conversion: 20% complete 24,000
Balance in work in process, August 1 $ 104,000
Units started during August 50,000
Units completed and transferred in August 60,000
Work in process (70% complete), August 31 ?
Costs charged to Work in Process in August
Direct materials $ 150,000
Conversion costs:
Direct labor $ 120,000
Overhead applied 132,000
Total conversion $ 252,000
Assume materials are added at the start of processing.
Complete a production cost report for the Badgersize Company Forming Department for the month of August. (Round your Costs per equivalent units to 2 decimal places.Leave no cells blank - be certain to enter "0" wherever required. Omit the "$" sign in your response.)
Production Cost Report
Forming Department
For the month of August
Part I. Physical Flow Total Units
Inputs:
• Beginning WIP ?
• Started ?
Units to account for: ?
Outputs:
• Units completed ?
• Ending WIP ?
Units accounted for: ?
Part II. Equivalent Units Consumed Direct Materials Conversion Costs
Based on monthly input:
• Finish BWIP ? ?
• Start new units ? ?
Equivalent units of input ? ?
Based on monthly output: ? ?
• Transferred units ? ?
• EWIP units ? ?
? ?
Equivalent units of output
Part III. Cost Per Equivalent Unit Total Unit Cost Direct Materials Conversion Costs
Input costs in August $ ? $ ?
Divide by equivalent units, August ? ?
Costs per equivalent unit, Aug. $ ? $ ? $ ?
Part IV. Total Cost Assignment Total Costs Direct Materials Conversion Costs
Costs to account for:
• Cost of beginning WIP $ ?
• Cost added during the period ?
Total cost to account for $ ?
Costs accounted for:
• Cost of goods transferred
BWIP, August 1 $ ? $ ? $ ?
To finish BWIP ? ? ?
Units started and completed ? ? ?
Total cost transferred $ ? $ ? $ ?
• Add ending WIP ? ? ?
Total cost accounted for $ ? $ ? $ ?

Answers

Most of that is wrong by the way..

Production Cost Report
Forming Department
For the month of August

Part I. Physical Flow Total Units
Inputs:
Beginning WIP 20,000
Started 50,000
Units to account for: 70,000

Outputs:
Units completed 60,000
Ending WIP 10,000
Units accounted for: 70,000

Part II. Equivalent UnitsDirect Mat. Conv. Costs

Based on monthly input:
FinishBWIP20,00020,000
Start newunits50,00050,000
Equivalent units of input 70,00070,000

Based on monthly output:
Transferredunits60,00060,000
EWIPunits10,0007,000
Equivalent units ofoutput70,00067,000

Part III.

Cost Per EquivalentUnitTotalDMConv.
Unit Cost Costs Costs
Input costs inAugust$150,000 $252,000
Divide by equivalent units, August70,00067,000

Costs per equivalent unit, Aug.$5.90 $2.14$3.76



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