Cost Accounting

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Problem 1:

Kali Manufacturing Inc. began the year with the following.

Units

Beginning work-in-process

20,000

20% complete

Transferred to finished goods

60,000

Ending inventory

10,000

70% complete

Materials added at the beginning of the process

Required
Calculate the equivalent units for

  1. material costs under the weighted average process cost method;
  2. conversion costs under the weighted average process cost method;
  3. material costs under the FIFO process cost method; and
  4. conversion costs under the FIFO process cost method.

Problem 2:

Glass Company manufactures a product through a continuous single-step
process. All materials are added at the beginning of processing.
Production and cost data for the company for the current month are as
follows.

Production Data

units

In process, beginning of month (20% converted)

2000

Started during current month

8000

Completed and transferred to finished goods

5500

In process, end of month (60% converted)

4500

Manufacturing Costs

Work in process, beginning

  -Materials

$15,000

  -Conversion

$6,450

Production Costs Added

  -Materials

$54,000

  -Direct labor cost

$105,000

  -Factory overhead cost

$36,150

Required
Prepare a cost of production report for current month. Use Weighted-Ave process costing.

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