Carbata Company manufactures low-cost, basic tool kits in bulk. Below is the latest information for last month's production. Units Materials Cost Conversion Cost Inventory on September 1 950 $ 5,550 $ 2,354 % Complete 60% 30% Units Started 3,150 Costs Added in September $ 28,940 $ 8,156 Inventory on September 30 1,200 % Complete 80% 60% Required: Use the information above to complete a Process Costing Production Report under the FIFO Assumption. Beginning Inventory:? Units Started? Units to Account for:? Ending Inventory? Units Completed and Transferred? Units to Account for? Step 2: Compute the Equivalent Units of Production. Beginning Inventory? % Complete? % to Complete? Equivalent Units? Units Completed and Transferred? Beginning Inventory? Units Started and Completed? % Complete? Equivalent Units? Ending Inventory? % Complete? Equivalent Units? Total Equivalent Units of Production? Step 3: Compute the Cost per Equivalent Unit of Production Beginning Inventory Cost? Costs Added? Total Cost to Account for? Total Equivalent Units of Production? Cost Per Equivalent Unit? Total Cost per Equivalent Unit? Step 4: Reconciling Costs. Beginning Inventory Cost? Costs Added? Total Cost to Account For? Cost of Beginning Inventory from Last Month? Cost of Beginning Inventory Completed in September? Cost of Units Started and Completed? Cost of Units in Ending Inventory? Total Cost to Account for?

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 16E: Heap Company manufactures a product that passes through two processes: Fabrication and Assembly. The...

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	Units	Materials Cost	Conversion Cost
Inventory on September 1	950	$ 5,550	$ 2,354
% Complete		60%	30%
Units Started	3,150
Costs Added in September		$ 28,940	$ 8,156
Inventory on September 30	1,200
% Complete		80%	60%

Required:

Use the information above to complete a Process Costing Production Report under the FIFO Assumption.

Beginning Inventory:?

Units Started?

Units to Account for:?

Ending Inventory?

Units Completed and Transferred?

Units to Account for?

Step 2: Compute the Equivalent Units of Production.

Beginning Inventory?

% Complete?

% to Complete?

Equivalent Units?

Units Completed and Transferred?

Beginning Inventory?

Units Started and Completed?

% Complete?

Equivalent Units?

Ending Inventory?

% Complete?

Equivalent Units?

Total Equivalent Units of Production?

Step 3: Compute the Cost per Equivalent Unit of Production

Beginning Inventory Cost?

Costs Added?

Total Cost to Account for?

Total Equivalent Units of Production?

Cost Per Equivalent Unit?

Total Cost per Equivalent Unit?

Step 4: Reconciling Costs.

Beginning Inventory Cost?

Costs Added?

Total Cost to Account For?

Cost of Beginning Inventory from Last Month?

Cost of Beginning Inventory Completed in September?

Cost of Units Started and Completed?

Cost of Units in Ending Inventory?

Total Cost to Account for?

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