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a Secure https/newconnect mheducation.com/ow/connect htm Chapter 18 Homework Help Save &Exit; Submit Check my 4 Shamrock Industries uses process costing All of the company\'s manufacturing activities take place in a single processing dlepartment The folowing information was available for the month of June birect labor Ranufacturing overhead applied s to account for The amounts of work in process at the beginning and end of the month were immaterial and assigned no dolar value.During June. bbn20,000 units were complesed, of which 16,000 were sold on account at $20 per unt Complete a production cost report for Shamrock Industries for the month of June. (Do not round intermediate calculations) Prodaction Cost Report r Prinical Flow Beginning w Prey4 of 5 Next ype hene to search 2

Solution

  

SHAMROCK INDUSTRIES
PRODUCTION COST REPORT
FOR THE MONTH OF JUNE
PART:1 PHYSICAL FLOW	TOTAL UNITS
INPUTS
BEGINNING WIP	0
STARTED	20,000
UNITS TO ACCOUNT FOR	20,000
OUTPUTS
UNITS COMPLETED	20,000
ENDING WIP	0
UNITS ACCOUNTED FOR	20,000
PART:2 EQUIVALENT UNITS	DIRECT MATERIALS	CONVERSION COSTS
BASED ON MONTHLY INPUT
BEGINNING WIP	0	0
UNITS STARTED	20,000	20,000
EQUIVALENT UNITS OF INPUT	20,000	20,000
BASED ON MONTHLY OUTPUT
UNITS COMPLETED	20,000	20,000
ENDING WIP
EQUIVALENT UNITS OF OUTPUT	20,000	20,000
PART:3 COST PER EQUIVALENT UNIT	TOTAL UNIT COST	DIRECT MATERIALS	CONVERSION COSTS
INPUT COSTS		90,000	70,000
DIVIDE BY EQUIVALENT UNITS		20,000	20,000
COSTS PER EQUIVALENT UNITS	$8	$4.50	$3.50
PART:4 TOTAL COST ASSIGNMENT
COSTS TO ACCOUNT FOR
COST OF BEGINNING WIP	0
COST ADDED DURING THE PERIOD	160,000
TOTAL COST TO ACCOUNT FOR	$160,000
COSTS ACCOUNTED FOR
COST OF GOODS TRANSFERRED
BEGINNING WIP LAST PERIOD	0	0	0
BEGINNING WIP THIS PERIOD	0	0	0
STARTED AND COMPLETED	160,000	90,000	70,000
TOTAL COST TRANSFERRED	$160,000	$90,000	$70,000
ADD ENDING WIP	0	0	0
TOTAL COST ACCOUNTED FOR	$160,000	$90,000	$70,000