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Molding Department Equivalent Production Computations Month of June Materials

The document contains cost of production reports for the molding and finishing departments of a company for the month of June, including computations of equivalent units produced and costs transferred between departments. It provides schedules of quantities and costs for work in process, production quantities, costs incurred and transferred between departments. Journal entries are presented to record the transfer of costs between departments and the completion of finished goods.

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Gwyneth Jhane Ybañez Libosada
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143 views

Molding Department Equivalent Production Computations Month of June Materials

The document contains cost of production reports for the molding and finishing departments of a company for the month of June, including computations of equivalent units produced and costs transferred between departments. It provides schedules of quantities and costs for work in process, production quantities, costs incurred and transferred between departments. Journal entries are presented to record the transfer of costs between departments and the completion of finished goods.

Uploaded by

Gwyneth Jhane Ybañez Libosada
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Download as DOCX, PDF, TXT or read online on Scribd
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Gwyneth Jhane Y.

Libosada
BSMA-1

Problem 12-8

Required 1.

Molding Department
Equivalent Production Computations
Month of June

Materials
Transferred Out to Next Department
Completion of Beginning (700 x 0) 0
Start Work in Process 3400
Work in Process- (500x100%) 500
Equivalent Units of Production 3900

Labor
Transferred Out to Next Department
Completion of Beginning (700 x 45%) 315
Start Work in Process 3400
Work in Process- (500x60%) 300
Equivalent Units of Production 4015

Overhead
Transferred Out to Next Department
Completion of Beginning (700 x 30%) 210
Start Work in Process 3400
Work in Process- (500x75%) 375
Equivalent Units of Production 3985

Required 2.

Finishing Department
Equivalent Production Computations
Month of June

Materials
Transferred Out to Next Department
Completion of Beginning (420 x 50%) 210
Start Work in Process 3720
Work in Process- (380x25%) 95
Equivalent Units of Production 4025

Labor
Transferred Out to Next Department
Completion of Beginning (420x60%) 252
Start Work in Process 3720
Work in Process- (380x25%) 95
Equivalent Units of Production 4067

Overhead
Transferred Out to Next Department
Completion of Beginning (420x60%) 252
Start Work in Process 3720
Work in Process- (380x25%) 95
Equivalent Units of Production 4067

Required 3.

Molding Department
Cost of Production Report
Month of June

QUANTITY SCHEDULE Units


(a)Quantity to Be Accounted For

Work in Process- Beginning 700


Started in Process- Current Month 3900
Total to Be Accounted For 4600

(b)Quantity Accounted For:


Transferred Out to Next Department 4100
Work in Process- Ending 500
Total Accounted For 4600

COST SCHEDULE Total Cost Equivalent Units Unit Costs


(c)Cost to Be Accounted For:
Work in Process-beg. P11918.20
Cost incurred this month
Materials 36660 /3900 =P 9.40
Labor 24090 /4015 =P 6.00
Overhead 26221.30 /3985 =P6.58
Total Costs in this Dept. P 98889.50 =P 21.98
(d)Cost Accounted For:
Transferred Out to Next Department P 203400 =45000 x 4.52
From Beginning WIP Inventory
Costs in Beginning Work In Process P 11918.20
Costs added in Current Month
Materials 0 0 0
Labor 1890 =315 x 6.00
Overhead 1381.80 =210 x 6.58
Costs of Completed beg. WIP P 15190
Started and Completed P 74732 =3400 X21.98
Total Cost of Transferred Out P89922
Work in Process- ending
Costs in this Department:
Materials P 4700 =500 X9.40
Labor 1800 =300 X6.00
Overhead 2467.50 =375 X6.58
Total P 8967.50
Total Cost Accounted For P 98889.50

Required 4

Finishing Department
Cost of Production Report
Month of June

QUANTITY SCHEDULE Units


(a)Quantity to Be Accounted For
Work in Process- Beginning 420
Started in Process- Current Month 4100
Total to Be Accounted For 4520

(b)Quantity Accounted For:


Transferred Out to Next Department 4140
Work in Process- Ending 380
Total Accounted For 4520

COST SCHEDULE Total Cost Equivalent Units Unit Costs


(c)Cost to Be Accounted For:
Work in Process-beg. P10232.04
Cost incurred this month
Trans-In Costs fr. Prior Department P 89922 /4100 =P21.93
Cost added this month:
Materials P 4025 /4025 =P 1.00
Labor 16186.66 /4067 =P 3.98
Overhead 8050.00 /4067 =P 1.98
Total Costs in this Dept. P 128415.70 =P 28.89

(d)Cost Accounted For:


Transferred Out to Next Department
From Beginning WIP P 10232.04
Costs in Beginning Work In Process P 11918.20
Costs added in Current Month
Materials 210 =210 X1
Labor 1002.96 =252 x 3.98
Overhead 498.80 =252 x 1.98
Total Costs of Completed WIP P 11943.80
Total Cost Transferred Out P 107476.57 =3720 X28.89
Total Cost of Transferred to Finished Goods P 119420.32
Transferred in Costs Fr. Prior Department P8334.24 =380 X21.93
Costs in this Department:
Materials P 95 =95 X1.00
Labor 378.10 =95 X3.98
Overhead 188.04 =95 X1.98
Total P 8995.38
Total Cost Accounted For P 128415.70

Required 5.

Work in Process- Finishing Department P 89922


Work in Process- Molding Department P 89922
To record cost of units transferred out from Molding Department to Finishing Department

Finishing Goods Inventory P 119420.22


Work in Process- Finishing Department P 119420.22
To record cost of finished goods

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