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Quantity Schedule: Cost Accounted For As Follows

The document provides a cost of production report for three departments - trimming, assembly, and finishing - for the month of June 2020. It includes details of materials, labor, and overhead costs added at each stage of production, as well as cost reconciliations. A total of 6,000 units were started in the trimming department, with 5,400 completed and 600 in process at month end. Total costs accounted for across the three departments were $110,058. Journal entries were made to record the transfer of costs between departments and the completion of units.

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Joshua Cabinas
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191 views

Quantity Schedule: Cost Accounted For As Follows

The document provides a cost of production report for three departments - trimming, assembly, and finishing - for the month of June 2020. It includes details of materials, labor, and overhead costs added at each stage of production, as well as cost reconciliations. A total of 6,000 units were started in the trimming department, with 5,400 completed and 600 in process at month end. Total costs accounted for across the three departments were $110,058. Journal entries were made to record the transfer of costs between departments and the completion of units.

Uploaded by

Joshua Cabinas
Copyright
© © All Rights Reserved
Available Formats
Download as XLSX, PDF, TXT or read online on Scribd
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CPA Company

Cost of Production Report


For the month of June 2020
Trimming department

Materials
Quantity Schedule Actual WD EUP
Units Started 6000

Unit completed 5400 100% 5400


Units in process, end 600 100% 600
Units accounted for 6000 6000

Cost per Equivalent unit


Cost added in the department Total Per Unit
Materials 33,600.00 5.6000
Labor 18,500.00 3.2118
Overhead 9,217.00 1.6002
Total Cost to account for 61,317.00 10.4120

Cost Reconciliation
Cost accounted for as follows:
Completed and transferred
In process, end
Materials 3360.0000
Labor 1156.2480
Overhead 576.0720
Total costs as accounted for

Assembly department

Materials
Quantity Schedule Actual WD EUP
Units Received 5400

Unit completed 5000 100% 5000


Units in process, end 400 95% 380
Units accounted for 5400 5380

Cost per Equivalent unit

Cost from preceding department


Cost added in the department Total Per Unit
Materials 16,786.00 3.1201
Labor 14,840.00 2.8000
Overhead 7,120.00 1.3434
Total cost added in the dept.
Total Cost to account for

Cost Reconciliation
Cost accounted for as follows:
Completed and transferred
In process, end
Cost from preceding 4164.8000
Materials 1185.6380
Labor 840.0000
Overhead 403.0200
Total costs as accounted for

Finishing department

Materials
Quantity Schedule Actual WD EUP
Units Received 5000

Unit completed 4800 100% 4800


Units in process, end 200 80% 160
Units accounted for 5000 4960

Cost per Equivalent unit

Cost from preceding department


Cost added in the department Total Per Unit
Materials 6,400.00 1.2903
Labor 10,320.00 2.0723
Overhead 4,960.00 0.9960
Total cost added in the dept.
Total Cost to account for

Cost Reconciliation
Cost accounted for as follows:
Completed and transferred
In process, end
Cost from preceding 3535.1000
Materials 206.4480
Labor 373.0140
Overhead 179.2800
Total costs as accounted for
Journal Entries
1. Materials Issued.
WIP-Trimming Dept.
WIP- Assembly Dept.
WIP- Finishing Dept.
Labor and Overhead Raw materials
WD EUP
2. Labor Cost
WIP-Trimming Dept.
100% 5400 WIP- Assembly Dept.
60% 360 WIP- Finishing Dept.
5760 Factory payroll

3.Factory overhead application


WIP-Trimming Dept.
WIP- Assembly Dept.
WIP- Finishing Dept.
FOH applied

4.Trimming Dept. to Assembly Dept.


WIP- Assembly Dept.
WIP-Trimming Dept.
56224.8000
5.Assembly Dept. to Finishing Dept.
WIP- Finishing Dept.
WIP- Assembly Dept.
5092.3200
61,317.00 6.Assemly Dept to Finished Goods
Finished Goods
WIP- Finishing Dept.

Labor and Overhead


WD EUP

100% 5000
75% 300
5300

Total Per Unit


56,225.00 10.4120
38,746.00 7.2635
94,971.00 17.6755

88377.5000

6593.4580
94,971.00

Labor and Overhead


WD EUP

100% 4800
90% 180
4980

Total Per Unit


88377.5000 17.6755

21680.0000 4.3586
110,058.00 22.0341

105763.6800

4293.8420
110,058.00
33 600
16 786
6 400
56 786

18 500
14 840
10 320
43 660

6 400
10 320
4 960
21 680

56 225
56 225

88 378
88 378

105 764
105 764

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