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Process Costing Sample

The document contains the cost of production report for Phunky Phingers for November 2019. It shows production data including beginning work in process (WIP) inventory of 12,000 units, 90,000 units started, and 102,000 total units to account for. It also includes cost data and cost assignments to transferred out units and ending WIP inventory, totaling $226,180 in costs accounted for.

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Noella Mae 01 Gavino
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11 views2 pages

Process Costing Sample

The document contains the cost of production report for Phunky Phingers for November 2019. It shows production data including beginning work in process (WIP) inventory of 12,000 units, 90,000 units started, and 102,000 total units to account for. It also includes cost data and cost assignments to transferred out units and ending WIP inventory, totaling $226,180 in costs accounted for.

Uploaded by

Noella Mae 01 Gavino
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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Problem 54

a. Phunky Phingers
Cost of Production Report
For the Month of November 2019

Production Data:
Units
Beginning WIP inventory 12,000
Units started 90,000
Units to account for 102,000

Units Material Labor OH


Beginning WIP inventory 12,000 12,000 12,000
12,000
Started & completed 70,000 70,000 70,000 70,000
Ending WIP inventory 20,000 20,000 8,000
16,000
Units accounted for 102,000 102,000 90,000 98,000

Cost Data:
Total Material Labor OH
Beginning WIP inventory $ 19,564 $ 13,020 $ 1,908 $
4,636
Current costs 206,616 90,000 45,792 70,824
Cost to account for $226,180 $103,020 $47,700 $75,460
Divided by EUP ÷ 102,000 ÷ 90,000÷98,000
Cost per EUP $2.31 $1.01 $0.53 $0.77

Cost Assignment:
Transferred out (82,000 × $2.31) $189,420
Ending inventory:
Material (20,000 × $1.01) $20,200
Direct labor (8,000 × $0.53) 4,240
Overhead (16,000 × $0.77) 12,320 36,760
Total cost accounted for $226,180
b. Phunky Phingers
Cost of Production Report
For the Month of November 2019

Production Data:
Units
Beginning WIP inventory 12,000
Units started 90,000
Units to account for 102,000

Units Material Labor Overhead


Beginning WIP inventory 12,000 0 8,400 4,800
Started & completed 70,000 70,000 70,000 70,000
Ending WIP inventory 20,000 20,000 8,000
16,000
Units accounted for 102,000 90,000 86,400 90,800

Cost Data:
Total Material Labor Overhead
Beginning WIP inventory $ 19,564
Current costs 206,616 $90,000 $45,792 $70,824
Cost to account for $226,180
Divided by EUP ÷ 90,000 ÷ 86,400÷ 90,800
Cost per EUP $2.31 $1.00 $0.53 $0.78

Cost Assignment:
Transferred out:
Beginning WIP inventory $ 19,564
Complete beginning WIP
DL (8,400 × $0.53) 4,452
OH (4,800 × $0.78) 3,744 $ 27,760
Started & completed (70,000 × $2.31) 161,700
Ending WIP inventory:
Material (20,000 × $1.00) $20,000
Direct labor (8,000 × $0.53) 4,240
Overhead (16,000 × $0.78) 12,480 36,720
Total cost accounted for $226,180

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