Business, 09.03.2020 19:21 kyle65

Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2020 are presented below.

Production Data June
Beginning work in process units 0
Units started into production 28,380
Ending work in process units 2,580
Percent complete—ending inventory 40%
Cost Data Materials $255,420
Labor 69,144
Overhead 145,512
Total $470,076

Instructions:
(a) Prepare a schedule showing physical units of production.
(b) Determine the equivalent units of production for materials and conversion costs.
(c) Compute the unit costs of production.
(d) Determine the costs to be assigned to the units transferred out and in process for June.
(e) Prepare a production cost report for the Molding Department for the month of June.

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Answer from: raiapowell

Solution:

a) Physical units

Units to be accounted for

Work in process, June 1 0

Started into production 28,380

Total units 28,380

Units accounted for

Transferred out 25,800

Work in process, June 30 2,580

Total units 28,380

(b )Equivalent units

Materials Conversion Costs

Units transferred out 25,800 25,800

Work in process, June 30

2,580 X 100% 2,580

2,580 X 40% 1032

Total equivalent units 28,380 26,832

Materials $9.00 ($255,420 ÷ 25,800)

Conversion costs $8.00 ($166,400* ÷ 20,800

Total unit cost $17.00 ($9.00 + $8.00)

*$53,600 + $112,800

(d) Costs accounted for

Transferred out 25,800 X $17.00) $438600

Work in process, June 30

Materials (2,580 X $9.00) $23,220

Conversion costs (1032 X $8.00) 8256

31476

Total costs $470076

(e) ROSENTHAL COMPANY

Molding Department

Production Cost Report

For the Month Ended June 30, 2012

Equivalent Units

Quantities Physical Units Materials ConversionCosts

(Step 1) (Step 2)

Units to be accounted for

Work in process, June 1 0

Started into production 28,380

Total units 28,380

Units accounted for

Transferred out 25,800 25,800 25,800

Work in process, June 30 2,580 2,580 1032

Total units 28,380 28,380 26,830

Answer from: Quest

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Rosenthal Company manufactures bowling balls through two processes: Molding and Packaging. In the Mo...

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