Problems - Cost of Production Reports

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Hilton Products manufactures one product in two departments on a continuous basis and uses the average method of process cost accounting. 
The following information was reported for the month of May.      
Hilton Products manufactures one product in two departments on a continuous basis and uses the average method of process cost accounting. 
The following information was reported for the month of May.   
        
     Production Costs  
    Machining Assembly 
Work in process, beginning of month:  $                   -     $          27,000  
Cost in Machining      
 Materials  $        4,000   $           800   
 Labor            3,000                 400   
 Factory overhead           2,000  $            9,000                600  $            1,800  
Cost incurred during month:     
 Materials  $     68,000   $     44,000   
 Labor          51,000           22,000   
 Factory overhead         34,000            153,000          33,000              99,000  
  Total  $        162,000   $        127,800  
        
     Production Costs  
    Machining Assembly 
    (Units) (Units) 
In process, beginning of month 1,000 1,000 
Finished and transferred during month 5,000 4,000 
In process, end of month  2,000 2,000 
Stage of completion as to materials, labor, overheadOne-half One-half 
        
Requirements:      
Prepare a cost of production summary for each department for the month.   
        
   Berg Products    
   Cost of Production Summary—Machining    
   For the Month Ended May 31, 2011    
        
Cost of work in process, beginning of month:    
 Materials      
 Labor      
 Factory overhead     
Cost of production for month:     
 Materials      
 Labor      
 Factory overhead     
Total costs to be accounted for     
        
Unit output for month:      
 Finished and transferred to Assembly during month   
 Equivalent units of WIP, end of month    
  Total equivalent production   
Unit cost for month:      
 Materials      
 Labor       
 Factory overhead     
  Total     
Inventory costs:      
 Cost of goods finished & transferred to Assembly during month  
Cost of work in process, end of month:     
 Materials      
 Labor       
 Factory overhead     
Total production costs accounted for     
        
        
   Berg Products    
   Cost of Production Summary—Assembly    
   For the Month Ended May 31, 2008    
        
Cost of work in process, beginning of month:    
 Cost in Machining     
 Cost in Assembly:     
  Materials     
  Labor     
  Factory overhead    
        
Cost of goods received from Machining during month    
        
Cost of production for month:     
 Materials      
 Labor      
 Factory overhead     
Total cost to be accounted for     
        
Unit output for month:      
 Finished and transferred to stockroom during month   
 Equivalent units of work in process, end of month    
  Total equivalent production   
Unit cost for month:      
Cost from prior department:     
 Beginning inventory     
 Transferred in this month     
 Average cost per unit     
Cost in Assembly:      
 Materials      
 Labor      
 Factory overhead     
  Total     
Inventory costs:      
Cost of goods finished and transferred to stockroom during month:   
 Cost in Machining     
 Cost in Assembly     
Cost of work in process, end of month:     
 Cost in Machining     
 Cost in Assembly:     
  Materials     
  Labor     
  Factory overhead    
Total production costs accounted for     
        

 

    • Posted: 5 years ago
    • Budget: $5
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      Cost

      Complete Cost of Production Reports using the Average Cost method using the attachment