Southern New Hampshire University Cost Accounting Project Paper

Description

PROJECT

General Requirements

This assignment is to be completed on an individual basis. Students who work together or copy from another student will be issued a failing grade for the course. Cheating of any kind will not be tolerated.
Please label and present all work in an organized fashion. Failure to show supporting work may be construed as cheating on the exam.
Please type all answers and supporting work directly in the body of THIS document. Do not change the file format and do not submit more than one document.

Description

This project studies product costing using a process costing system.

Learning objectives

Use the weighted average method of process costing.
Apply process costing methods to cases with transferred in costs.

Directions

The Lamarie Factory manufactures expensive boots in a two department production environment. Production starts in the tanning department and is completed in the finishing department. All direct materials are added in the tanning department. A partial list of data for the month follows:

Beginning work in process Tanning Finishing

Units not available 4,000

% Complete as to direct materials 100% 100%

% Complete as to conversion costs 40% 60%

Direct materials / Transferred in costs $6,000 $7,000

Conversion costs $18,000 $10,000

Current month production

Units started in production not available not available

Units completed and transferred out 16,000 18,000

Direct materials / Transferred in costs added $18,000 not available

Conversion costs added $32,000 $19,000

Costs transferred out $50,000 not available

Ending work in process

Units not available 2,000

% Complete as to direct materials 100%

% Complete as to conversion costs not available 30%

Required:

A.Prepare a units of production schedule for the FINISHING department that details units to account for, units accounted for and equivalent full units of production.

B.Prepare a costs of production schedule for the FINISHING department that details total costs to account for, costs per equivalent full unit of production and total costs accounted for. (Note: there will be a small rounding difference in the cost reconciliation)

Explanation & Answer:

6 Pages

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