Production Report and Cost Reconciliation for Assembly

School: Algonquin College - Course: FINANCE FIN2328 - Subject: Accounting

Production: Units in Process, April 1, 60% complete Units Completed and Transferred Out Units in Process, April 30, 20% complete Costs: Work in Process, April 1: Plastic Cabinets Speaker and Amplifier Components Conversion Costs Costs Added during April: Plastic Cabinets Speaker and Amplifier Components Conversion Costs Required 1) Prepare a production report for the assembly department for April 2) Calculate equivalent units of production for the assembly department for April 3) Calculate unit cost for the assembly department for April 4) Calculate the cost of units transferred out and the cost of EWIP inventory 5) Prepare a cost reconciliation for the assembly department for April Answers 1)Prepare a production report for the assembly department for April Units to be Accounted For Beginning Work in Process Units Started: Total Units to be Accounting For

Units Accounted For Units Completed and Transferred Units in Ending Work in Process Total Units Accounted For 2)Calculate equivalent units of production for the assembly department Plastic Cabinets (At 100%, added at the Beginning) Speakers and Amplier Components (At 100%, added at the Beginning) Conversion Cost (At 20%, Completion) 3)Calculate unit cost for the assembly department for April Cost of Beginning WIP Cost Added during the Period Total Cost Equivalent UoP Cost per Equivalent Unit Total Department Note: Cost per Equivalent Unit = Total Cost ÷ Equivalent UoP 4)Calculate the cost of units transferred out and the cost of EWIP (Endin Total Cost of Units Transfer Out Ending Work in Process (EWIP) Cabinets Speakers and Amplifiers Conversion Total EWIP