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Prepare a cost of production report for the painting

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Reference no: EM133108656

Question - The SunWars Corp has 3 main processes in making their popular "Jed-Eye" toy: shape, paint and assemble. The Chief Operating Designer, Ahsoka Skyrunner says the company uses the weighted average cost method in order to calculate the production costs, and that the materials are added in the painting department at the beginning of the process.

During March the following info was calculated for the painting department: Beginning WIP: Units 2000, Percentage Complete 60%. Costs: Transferred in $105,000, Materials $3,950, Conversion $12,350.

Also in March, the current production was: Units started 15,000, Costs: Transferred in : $750,000, Materials $30,000, Conversion $125,500 and the Ending WIP: Units 5,000, Percentage Complete 35%.

Required -

1a. Ahsoka asks you to prepare a cost of production report for the painting department for March, including all 5 steps of production. (Use 4 decimal places for all calculations)

1b. Calculate the unit cost in the previous period for the painting department.

2a. Analyze the final numbers for the cost production report and unit cost and then explain what these accounting numbers mean to help Ahsoka make prudent management decisions for the Jed-Eye Toy today and in the future.

Reference no: EM133108656

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