Maha Industries
Cost of Production Summary
For the Month Ended May 31, 20--
Cost of production for month:
Materials $ 8,000
Labor 4,000
Factory overhead 3,000
Total costs to be accounted for $15,000
Unit output for month:
Finished and transferred to Finished goods
during month 3,500
Equivalent units of work in process, end of
month (2,000 units, 25% completed) 500
Total equivalent production 4,000
Unit cost for month:
Materials ($8,000 / 4,000) $2.00
Labor ($4,000 / 4,000) 1.00
Factory overhead ($3,000 / 4,000) .75
Total $3.75
Inventory costs:
Cost of goods finished and transferred to
Finished goods during month: (3,500 ´ $3.75) $13,125
Cost of work in process, end of month:
Materials (2,000 ´ .25 ´ $2.00) $1,000
Labor (2,000 ´ .25 ´ $1.00) 500
Factory overhead (1,000 ´ .25 ´ $.75) 375 1,875
Total production costs accounted for $15,000
what is the journal entry to record production and transfer tothe wherehouse
Maha Industries
Cost of Production Summary
For the Month Ended May 31, 20--
Cost of production for month:
Materials $ 8,000
Labor 4,000
Factory overhead 3,000
Total costs to be accounted for $15,000
Unit output for month:
Finished and transferred to Finished goods
during month 3,500
Equivalent units of work in process, end of
month (2,000 units, 25% completed) 500
Total equivalent production 4,000
Unit cost for month:
Materials ($8,000 / 4,000) $2.00
Labor ($4,000 / 4,000) 1.00
Factory overhead ($3,000 / 4,000) .75
Total $3.75
Inventory costs:
Cost of goods finished and transferred to
Finished goods during month: (3,500 ´ $3.75) $13,125
Cost of work in process, end of month:
Materials (2,000 ´ .25 ´ $2.00) $1,000
Labor (2,000 ´ .25 ´ $1.00) 500
Factory overhead (1,000 ´ .25 ´ $.75) 375 1,875
Total production costs accounted for $15,000
what is the journal entry to record production and transfer tothe wherehouse
Related questions
Exercise 16-15 Weighted average: Completing a process costsummary LO C3
The following partially completed process cost summary describesthe July production activities of Ashad Company. Its productionoutput is sent to its warehouse for shipping. All direct materialsare added to products when processing begins. Beginning goods inprocess inventory is 20% complete with respect to direct labor andoverhead. Ending work in process inventory is 60% complete withrespect to conversion. |
Equivalent units of production | Direct Materials | Direct Labor | Factory Overhead | |||
Units transferred out | 127,000 | 127,000 | 127,000 | |||
Units of ending goods in process | 15,000 | 9,000 | 9,000 | |||
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Equivalent units of production | 142,000 | 136,000 | 136,000 | |||
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Costs | Direct Materials | Direct Labor | Factory Overhead | |||
Costs of beginning goods in process | $ | 38,500 | $ | 1,400 | $ | 2,800 |
Costs incurred this period | 856,100 | 168,600 | 337,200 | |||
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Total costs | $ | 894,600 | $ | 170,000 | $ | 340,000 |
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| Units in beginning goods in process (all completed during July) | 8,000 |
Units started this period | 134,000 |
Units completed and transferred out | 127,000 |
Units in ending goods in process | 15,000 |
Prepare its process cost summary using the weighted-averagemethod. (Round "Cost per EUP" to 2 decimalplaces.) |
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