Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
Example of Process Cost Report
Let suppose that the beginning work in progress in a Company in the month of November was 1,000 units that were 100 percent complete in terms of materials and 75 percent complete like to conversion. Raw materials costs relating to beginning work in progress amounted to shs.3,000 and conversion was shs.1,000. 10,000 units were completed throughout the period and transferred to finished goods stock account. 2,000 units were now in process and were 100 percent complete in relation to materials and 50 percent complete in relation to conversion costs. Costs incurred throughout the period were raw materials shs.33,000, conversion shs.43,000;
Required
Employ both FIFO and weighted average methods, to find out cost per equivalent unit and value of ending inventory. Organize the process cost report.
Process Cost Report
For the month of December
For Weighted Average Method
1st Step
Physical Units
Beginning W.I.P
1,000
Units started during the period
11,000 (10,000 + 2,000 - 1,000)
Units to account for:
12,000
2nd Step
Equivalent Units
Total Units
Materials
Conversion Costs
Units completed during the period:
10,000
Ending W.I.P
2,000
2,000 =(100% x 2,000)
1,000= (50% x 2,000)
Units accounted for
11,000
3rd Step
Cost Determination
Material Cost
Beginning W.I.P Materials: Conversion
3,000
-
Current costs
Cost to account for:
76,000
33,000
43,000
80,000
10,250
Shs.7
Shs.3
Shs.4
4th Step:
Cost Assignment:
Units started and completed during the current period: 9,000 x 7:
63,000
Ending W.I.P = Materials: 2,000 x 3:
6,000
= Conversion: 1,000 x 4:
4,000
Beginning W.I.P Materials
Conversion:
Cost of work done to complete beginning W.I.P
* costs
750 x 4
Costs Accounted for
In a given period production and cost data were as follows: Total Costs Materials Rs. 5,115 Labour 3,952 Overheads
The profit volume ratio of xltd. is 50% and the margin of safety is 40%.you are required to calculate the net profit if sales volume is rs.100,000?
Marple Associates is a consulting firm that specializes in information systems for construction and landscaping companies. The firm has two offices-one in Houston and one in Dallas
Advantage and Disadvantages of Zero Based Budgeting Advantages 1. Resources allocation is more efficient. 2. Focus attention on values for money and makes clear relat
Find a journal article online about just-in-time inventory systems. In the subject line of your post, include the title of the article that you read. Post a link to that article wi
Sales Budget It provides volume of sales and sales mix of the recent operations. The sales forecast is initially prepared and upon completion the sales budget is finalized. Th
Labour Costs Definition of Labour Cost A labour cost refers to all the costs incurred in compensating the human resources used in the production process to provide a us
Calculate the today's cash value of a car that can be leased with $5000 down, bi-weekly payments of $199 over 4 years and a buy-back value of $15,000 at the end of the lease if the
Handy-Man Services is a repair-service company specializing in small household jobs. Each client pays a fixed monthly service fee based on the number of rooms in the house. Records
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +91-977-207-8620
Phone: +91-977-207-8620
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd