Title: Venosis Sports is a manufacturer of sportswear. It produces all of its products in one department. ... Post by: MichaelJoult on Jul 3, 2018 Venosis Sports is a manufacturer of sportswear. It produces all of its products in one department. The information for the current month is as follows:
Beginning work in process22,000 units Units started44,000 units Units completed55,000 units Ending work in process10,000 units Spoilage1,000 units Beginning work-in-process direct materials$15,000 Beginning work-in-process conversion$ 6,000 Direct materials added during month$70,800 Direct manufacturing labor during month$37,400 Beginning work in process was half complete as to conversion. Direct materials are added at the beginning of the process. Factory overhead is applied at a rate equal to 50% of direct manufacturing labor. Ending work in process was 60% complete. All spoilage is normal and is detected at end of the process. Required: Prepare a production cost worksheet if spoilage is recognized and the weighted-average method is used. Title: Venosis Sports is a manufacturer of sportswear. It produces all of its products in one department. ... Post by: lcuunliffe on Jul 3, 2018 PRODUCTION COST WORKSHEET
Flow of ProductionPhysical unitsDirect materialsConversion Work in process, beginning22,000 Started during period44,000 To account for66,000 Good units completed55,00055,00055,000 Normal spoilage1,0001,0001,000 Work in process, ending10,00010,0006,000 Accounted for66,00066,00062,000 CostsTotalsDirect MaterialsConversion Work in process, beginning$ 21,000$15,000$ 6,000 Costs added during period108,20070,80037,400 Total costs to account for129,20085,80043,400 Divided by equivalent units66,00062,000 Equivalent unit costs$ 2.00$ 1.30$ 0.70 Assignment of costs Costs transferred out (55,000 $2.00)$ 110,000 Normal spoilage (1,000 $2.00)2,000 Work in process, ending Direct materials (10,000 $1.30)13,000 Conversion (10,000 $0.60 0.70)4,200 Costs accounted for$129,200 Title: Venosis Sports is a manufacturer of sportswear. It produces all of its products in one department. ... Post by: MichaelJoult on Jul 3, 2018 Commenting just to show my support for informative posts like this, keep it up 10/10
Title: Venosis Sports is a manufacturer of sportswear. It produces all of its products in one department. ... Post by: lcuunliffe on Jul 3, 2018 That helps more than you thinks, thanks for being so thoughtful
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