Determine unit production costs for material and conversion

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Reference no: EM13198730

Lillputian Inc. produces dog food. All direct material is entered at the beginning of the process. Some shrinkage occurs during the production process, but management considers any shrinkage of less than 8 percent to be normal. October 2010 data are as follows:

Beginning WIP inventory (45% complete as to conversion) 36,000 pounds

Started during the month 120,000 pounds

Transferred to FG inventory 126,000 pounds

Ending WIP inventory (15% complete as to conversion) 21,600 pounds Loss ? pounds

The following costs are associated with October production:

Beginning WIP inventory:

Material $14,000

Conversion 10,800 $24,800

Current period:

Material $39,060

Conversion 33,912 72,972

Total cost to account for $97,772

Prepare an October 2010 cost of production report for Lilliputian Inc. using FIFO process costing. (Use attached template)!!

6-47 Ro-day-o inc. manufactures belt buckles in a single -step production process. The following information is available for june 2010:

whole units cost of material cost of labor

beginning work in process 200,000 1,200,000 1,728,000

units started during period 1,000,000 7,800,000 9,612,000

units in ending inventory 300,000

beginning inventory units were 100 percent complete as to material and 80% complete as to labor. The ending inventory units were 100% complete as to material and 50% complete as to labor. overhead is applied to production at the rate of 60% of direct labor cost.

a. prepare a schedule to compute equivalent units of production by cost component assuming the weighted average method.

b. determine the unit production costs for material and conversion.

c. calculate the costs assigned to completed units and ending inventory for august 2010.

Reference no: EM13198730

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