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Homework answers / question archive / Ritchie Company has two departments

Ritchie Company has two departments

Management

Ritchie Company has two departments. Its first department (the Melting Department) shows the following data for the month of April:

Work in process, beginning:

 

Units in process

400

Stage of completion with respect to materials

60%

Stage of completion with respect to conversion

85%

 

Costs in the beginning inventory:

 

   Materials cost

$170

   Labour cost

$160

   Overhead cost

$300

 

 

 

Units started into production during the month

1,100

Units completed and transferred out

1,400

 

Costs added to production during the month:

 

   Materials cost

$1,300

   Labour cost

$800

   Overhead cost

$1,700

 

Work in process, ending:

 

    Units in process

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    Stage of completion with respect to materials

70%

    Stage of completion with respect to conversion

80%

 

Required:

Using the weighted average method, prepare a production cost report for the company.

 

 

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RITCHIE COMPANY
Melting Department
Production Cost Report
For the Month Ended April 30
    Equivalent Units  
UNITS Physical Units Materials Labor Overhead  
Units to be accounted for:          
Work in process, beginning 400        
Started into production 1100        
Total units 1500        
Units accounted for:          
Completed and transferred out (100%) 1400 1400 1400 1400  
Work in process, ending (1500-1400) (70%;80%) 100 70 80 80  
Total units 1500 1470 1480 1480  
COSTS          
Unit costs:   Materials Labor Overhead Total
Total costs in April $    1470 960 2000 4430
Equivalent units   1470 1480 1480  
Unit costs (Total Cost / Equivalent Units)   1.00 0.65 1.35 3.00
Costs to be accounted for:          
Work in process, beginning $   170 160 300 630
Costs incurred during April   1300 800 1700 3800
Total costs to be accounted for $   1470 960 2000 4430
Cost Reconciliation Schedule          
Costs accounted for:          
Cost of units completed and transferred out          
Materials (1400 * $1.00)   1400     1400
Labor (1400 * $0.65)     910   910
Overhead (1400 * $1.35)       1890 1890
Total cost of units completed and transferred         4200
Cost of work in process, ending $          
Materials (70 * $1.00)   70     70
Labor (80 * $0.65)     52   52
Overhead (80 * $1.35)       108 108
Total cost of ending work in process $         230
Total costs accounted for $         4430

 

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