Posted: August 1st, 2016

Prepare a process cost report?

  • I need assistance with the “Units Completed and Transferred out (Cost of Goods Manufactured)”.

    1. Data for Osaka Corporation for the month of June 20xx are as follows:
    Beginning work in process inventory: Operations for the month of June:
    Units – 800 Units started- 14,000
    Direct materials – 100% complete Direct materials costs – $57,400
    Conversion costs – 70% complete Conversion costs – $50,122
    Direct materials costs – $2,860 Conversion costs – $2,150
    Ending work in process inventory:
    Units – 1,500
    Direct materials – 100% complete
    Conversion costs – 30% complete

    Assume the company uses average costing method.
    Prepare a process cost report for June.

    Osaka Corporation
    Process Cost Report: Average Costing Method
    For the Month Ended June 30, 20xx

    [See attachment parts 1 & 2.]

    2. n’2. Plastics, Inc., manufactures a line of office desk accessories. The company’s newest and most popular product is a plastic paper holder for holding the paper up while working at the computer. Production began on February 1, 20xx. Plastic is poured into molds to form the product, and the entire process takes place in the Molding Department. After the liquid plastic is poured (signifying the beginning of the process), the molds must be cooled slowly before the paper holder is separated from the mold. Statistics for 20xx are

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