3/27/2014 Chapter 6C 2/24 Ex 26; Pb 54

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1.

Your answer:

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Exercise 6-26

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Cost per WA & FIFO EUP

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o.
Pylonic Mfg. produces concrete garden border sections. All material is added at the beginning of

rs e
processing. Production and cost information for May 2013 are as follows:
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aC s
vi y re
ed d
ar stu
sh is
Th

a. What is the total cost to account for?

$

209140

b. Using weighted average process costing, what is the cost per equivalent unit for each cost
component? Round your answers to the nearest cent.

Weighted Average Cost

Direct Material (DM) $

0.46
per equivalent unit
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3/27/2014 Chapter 6C 2/24 Ex 26; Pb 54

Direct Labor (DL) $

0.27
per equivalent unit
Overhead (OH) $
0.63
per equivalent unit
c. Using FIFO process costing, what is the cost per equivalent unit for each cost component? Round
your answers to the nearest cent.

FIFO Cost

Direct Material (DM) $

0.45
per equivalent unit
Direct Labor (DL) $
0.28

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per equivalent unit

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Overhead (OH) $

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0.64

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per equivalent unit
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d. How many units were in beginning inventory and at what percentage of completion was each cost
component?

Percent Beginning WIP EUP

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aC s

Direct Material (DM) 100 40000

vi y re

%
Direct Labor (DL) 70 28000
%
ed d

Overhead (OH) 45 18000

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2.
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Your answer:

eBook eBook

Problem 6-54

WA & FIFO; cost of production report

In a single-process production system, Phunky Phingers produces wool gloves. For November 2013, the
company’s accounting records reflected the following:

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3/27/2014 Chapter 6C 2/24 Ex 26; Pb 54

a. For November, prepare a cost of production report, assuming that the company uses the weighted
average method. Round your "Cost per EUP" answers to the nearest cent.

Phunky Phingers
Cost of Production Report (WA Method)

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For the Month of November 2013

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Production Data:

o.
Units

Beginning WIP Inventory rs e 12000

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Units started 90000

Units to account for 102000

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aC s
vi y re

Units Material Labor Overhead

Beginning WIP Inventory 12000 12000 12000 12000

ed d

Started & completed 70000 70000 70000 70000

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Ending WIP Inventory 20000 20000 8000 16000

Units accounted for 102000 102000 90000 98000

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Th

Cost Data:

Total Material Labor Overhead

Beginning WIP Inventory $ $ $ $

19564 13020 1908 4636

Current costs 206616 90000 45792 70824

Total cost to account for $ $ $ $

226180 103020 47700 75460

Divided by EUP 102000 90000 98000

Cost per EUP $ $ $ $

2.31 1.01 0.53 0.77
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3/27/2014 Chapter 6C 2/24 Ex 26; Pb 54

Cost Assignment:

Transferred out $
189420

Ending Inventory:

Material $
20200

Direct labor 4240

Overhead 12320 36760

Total cost accounted for $

226180

b. For November, prepare a cost of production report, assuming that the company uses the FIFO

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method. If an amount box does not require an entry, enter "0". Round your "Cost per EUP" answers to
the nearest cent.

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Phunky Phingers

o.
Cost of Production Report (FIFO Method)
rs e For the Month of November 2013
ou urc
Production Data:
o

Units
aC s

Beginning WIP Inventory 12000

vi y re

Units started 90000

Units to account for 102000

ed d
ar stu

Units Material Labor Overhead

Beginning WIP Inventory 12000 0 8400 4800

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Started & completed 70000 70000 70000 70000

Th

Ending WIP Inventory 20000 20000 8000 16000

Units accounted for 102000 90000 86400 90800

Cost Data:

Total Material Labor Overhead

Beginning WIP Inventory $

19564

Current costs 206616 $ $ $

90000 45792 70824
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 3/27/2014 Chapter 6C 2/24 Ex 26; Pb 54

Total cost to account for $

226180

Divided by EUP 90000 86400 90800

Cost per EUP $ $ $ $

2.31 1 0.53 0.78

Cost Assignment:

Transferred out:

Beginning WIP Inventory $

19564

Complete beginning WIP

DL 4452

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OH 3744 $

co
27760

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Started & completed 161700

o.
Ending Inventory:
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Material $
20000
o

Direct labor 4240

aC s

Overhead 12480 36720

vi y re

Total cost accounted for $

226180
ed d
ar stu
sh is
Th

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