Cost of Production Report The atting Department of Karachi Carpet Company provid
ID: 2537691 • Letter: C
Question
Cost of Production Report The atting Department of Karachi Carpet Company provides thefoliowing data for January. Assume that allmateas are added at the begning of the process wrk in process, anuary 1, 8,200 units, 75% completed 96,145 Direct materials (8,200 x $9.4) Conversion (8,200 x 75% x $3.1) 77,080 9,065 96,145 Materiais added during Sanuary from weaving Department, 126,400 ut Direct labor for January Factory overhead for Janary Goods finished during January (includes goods in process, January 127,800 units work in process, anuary 316,800 units, 20% completed $1,207,120 177,134 216,498 a. Prepare a cost of production report for the Cutting Department 1f an amount is zeno or a blank, enter in 1or For the cost per quivaent uit computations, round your answers to twe cecimal places Karachi Carpet Cemany nts charged to prn Inventory i process ury Total units accounted for by e Cutting Depae 8 9 G HExplanation / Answer
Cost of Production Report-Cutting Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 8200 Received from Weaving department 126400 Total units accounted for by the Cutting Department 134600 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, January 1 8200 0 2050 Started and completed in January 119600 119600 119600 Transferred to Packing Department in January 127800 119600 121650 Inventory in process, January 31 6800 6800 1360 Total units to be assigned costs 134600 126400 123010 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for January in Cutting Department 1207120 393632 Total equivalent units 126400 123010 Cost per equivalent unit 9.55 3.2 Costs charged to production: Direct Materials Conversion Total Inventory in process, January 1 96145 Costs incurred in January 1600752 Total costs accounted for by the Cutting Department 1696897 Cost allocated to completed and partially completed units: Inventory in process, January 1 balance 96145 To complete inventory in process, January 1 0 6560 6560 Cost of completed January 1 work in process 102705 Started and completed in January 1142180 382720 1524900 Transferred to finished goods in January 1627605 Inventory in process, January 31 64940 4352 69292 Total costs assigned by the Cutting Department 1696897