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    Molding Department Equivalent Production Computations Month of June Materials

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    Gwyneth Jhane Ybañez Libosada
    The document contains cost of production reports for the molding and finishing departments of a company for the month of June, including computations of equivalent units produced and costs transferred between departments. It provides schedules of quantities and costs for work in process, production quantities, costs incurred and transferred between departments. Journal entries are presented to record the transfer of costs between departments and the completion of finished goods.

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    Molding Department Equivalent Production Computations Month of June Materials

    Uploaded by

    Gwyneth Jhane Ybañez Libosada
    68 views5 pages
    The document contains cost of production reports for the molding and finishing departments of a company for the month of June, including computations of equivalent units produced and costs transferred between departments. It provides schedules of quantities and costs for work in process, production quantities, costs incurred and transferred between departments. Journal entries are presented to record the transfer of costs between departments and the completion of finished goods.

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    Cost

    Original Title

    Problem 12-8

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    The document contains cost of production reports for the molding and finishing departments of a company for the month of June, including computations of equivalent units produced and costs transferred between departments. It provides schedules of quantities and costs for work in process, production quantities, costs incurred and transferred between departments. Journal entries are presented to record the transfer of costs between departments and the completion of finished goods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    68 views5 pages

    Molding Department Equivalent Production Computations Month of June Materials

    Uploaded by

    Gwyneth Jhane Ybañez Libosada
    The document contains cost of production reports for the molding and finishing departments of a company for the month of June, including computations of equivalent units produced and costs transferred between departments. It provides schedules of quantities and costs for work in process, production quantities, costs incurred and transferred between departments. Journal entries are presented to record the transfer of costs between departments and the completion of finished goods.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 5

    Gwyneth Jhane Y.

    Libosada
    BSMA-1

    Problem 12-8

    Required 1.

    Molding Department
    Equivalent Production Computations
    Month of June

    Materials
    Transferred Out to Next Department
    Completion of Beginning (700 x 0) 0
    Start Work in Process 3400
    Work in Process- (500x100%) 500
    Equivalent Units of Production 3900

    Labor
    Transferred Out to Next Department
    Completion of Beginning (700 x 45%) 315
    Start Work in Process 3400
    Work in Process- (500x60%) 300
    Equivalent Units of Production 4015

    Overhead
    Transferred Out to Next Department
    Completion of Beginning (700 x 30%) 210
    Start Work in Process 3400
    Work in Process- (500x75%) 375
    Equivalent Units of Production 3985

    Required 2.

    Finishing Department
    Equivalent Production Computations
    Month of June

    Materials
    Transferred Out to Next Department
    Completion of Beginning (420 x 50%) 210
    Start Work in Process 3720
    Work in Process- (380x25%) 95
    Equivalent Units of Production 4025

    Labor
    Transferred Out to Next Department
    Completion of Beginning (420x60%) 252
    Start Work in Process 3720
    Work in Process- (380x25%) 95
    Equivalent Units of Production 4067

    Overhead
    Transferred Out to Next Department
    Completion of Beginning (420x60%) 252
    Start Work in Process 3720
    Work in Process- (380x25%) 95
    Equivalent Units of Production 4067

    Required 3.

    Molding Department
    Cost of Production Report
    Month of June

    QUANTITY SCHEDULE Units


    (a)Quantity to Be Accounted For

    Work in Process- Beginning 700


    Started in Process- Current Month 3900
    Total to Be Accounted For 4600

    (b)Quantity Accounted For:


    Transferred Out to Next Department 4100
    Work in Process- Ending 500
    Total Accounted For 4600

    COST SCHEDULE Total Cost Equivalent Units Unit Costs


    (c)Cost to Be Accounted For:
    Work in Process-beg. P11918.20
    Cost incurred this month
    Materials 36660 /3900 =P 9.40
    Labor 24090 /4015 =P 6.00
    Overhead 26221.30 /3985 =P6.58
    Total Costs in this Dept. P 98889.50 =P 21.98
    (d)Cost Accounted For:
    Transferred Out to Next Department P 203400 =45000 x 4.52
    From Beginning WIP Inventory
    Costs in Beginning Work In Process P 11918.20
    Costs added in Current Month
    Materials 0 0 0
    Labor 1890 =315 x 6.00
    Overhead 1381.80 =210 x 6.58
    Costs of Completed beg. WIP P 15190
    Started and Completed P 74732 =3400 X21.98
    Total Cost of Transferred Out P89922
    Work in Process- ending
    Costs in this Department:
    Materials P 4700 =500 X9.40
    Labor 1800 =300 X6.00
    Overhead 2467.50 =375 X6.58
    Total P 8967.50
    Total Cost Accounted For P 98889.50

    Required 4

    Finishing Department
    Cost of Production Report
    Month of June

    QUANTITY SCHEDULE Units


    (a)Quantity to Be Accounted For
    Work in Process- Beginning 420
    Started in Process- Current Month 4100
    Total to Be Accounted For 4520

    (b)Quantity Accounted For:


    Transferred Out to Next Department 4140
    Work in Process- Ending 380
    Total Accounted For 4520

    COST SCHEDULE Total Cost Equivalent Units Unit Costs


    (c)Cost to Be Accounted For:
    Work in Process-beg. P10232.04
    Cost incurred this month
    Trans-In Costs fr. Prior Department P 89922 /4100 =P21.93
    Cost added this month:
    Materials P 4025 /4025 =P 1.00
    Labor 16186.66 /4067 =P 3.98
    Overhead 8050.00 /4067 =P 1.98
    Total Costs in this Dept. P 128415.70 =P 28.89

    (d)Cost Accounted For:


    Transferred Out to Next Department
    From Beginning WIP P 10232.04
    Costs in Beginning Work In Process P 11918.20
    Costs added in Current Month
    Materials 210 =210 X1
    Labor 1002.96 =252 x 3.98
    Overhead 498.80 =252 x 1.98
    Total Costs of Completed WIP P 11943.80
    Total Cost Transferred Out P 107476.57 =3720 X28.89
    Total Cost of Transferred to Finished Goods P 119420.32
    Transferred in Costs Fr. Prior Department P8334.24 =380 X21.93
    Costs in this Department:
    Materials P 95 =95 X1.00
    Labor 378.10 =95 X3.98
    Overhead 188.04 =95 X1.98
    Total P 8995.38
    Total Cost Accounted For P 128415.70

    Required 5.

    Work in Process- Finishing Department P 89922


    Work in Process- Molding Department P 89922
    To record cost of units transferred out from Molding Department to Finishing Department

    Finishing Goods Inventory P 119420.22


    Work in Process- Finishing Department P 119420.22
    To record cost of finished goods

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