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    stammy07's Avatar
    stammy07 Posts: 7, Reputation: 1
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    #1

    Oct 16, 2012, 08:40 AM
    Cost of production report
    Cost of production report

    Bal 1900units 3/5 completed
    Direct materials 22000units $77000
    Direct labor $14200
    Factory overhead $6880
    Goods transferred 21800 units
    Bal 2100 units 1/5 completed
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #2

    Oct 16, 2012, 03:37 PM
    What would you like us to do with these "facts"
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    stammy07 Posts: 7, Reputation: 1
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    #3

    Oct 16, 2012, 06:07 PM
    How do you complete a cost production report
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #4

    Oct 16, 2012, 06:29 PM
    Detail each of the inputs and outputs and derive a product cost using equivalent units
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    stammy07 Posts: 7, Reputation: 1
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    #5

    Oct 17, 2012, 04:17 AM
    I need an example I still don't understand.
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #6

    Oct 17, 2012, 05:44 AM
    Quote Originally Posted by stammy07 View Post
    I need an example I still dont understand.
    Well I not going to do your homework for you. It is simple enough, set out the data you have in columns in terms of equivalent units, total the input costs, derive a unit cost and detail the cost of units produced

    This is the data, you will have to make certain assumptions such as LIFO

    Bal 1900units 3/5 completed
    Direct materials 22000units $77000
    Direct labor $14200
    Factory overhead $6880
    Goods transferred 21800 units
    Bal 2100 units 1/5 completed
    stammy07's Avatar
    stammy07 Posts: 7, Reputation: 1
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    #7

    Oct 17, 2012, 06:17 AM
    Quote Originally Posted by paraclete View Post
    well I not going to do your homework for you. It is simple enough, set out the data you have in columns in terms of equivalent units, total the input costs, derive a unit cost and detail the cost of units produced

    This is the data, you will have to make certain assumptions such as LIFO

    Bal 1900units 3/5 completed
    direct materials 22000units $77000
    direct labor $14200
    factory overhead $6880
    goods transferred 21800 units
    bal 2100 units 1/5 completed
    Right so I did the whole units direct materials and conversion table and then I did the conversion and direct material cost per unit which materials I got 3.50 and conversion cost .95cents, hopefully are right my confusion is the table where cost is charged to production
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    paraclete Posts: 2,706, Reputation: 173
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    #8

    Oct 17, 2012, 02:21 PM
    It works like this 21080 equivalent units were produced at a cost of 98080 giving a unit cost of production of 4.65276 and the value of finished goods transferred was 101430
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    stammy07 Posts: 7, Reputation: 1
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    #9

    Oct 17, 2012, 03:48 PM
    Unit cost of production? I'm sorry I know I sound stupid. I took this 1201 class and had a few problems here and there but nothing major but this chapter is killing me. I just need to understand how you got things and what goes where basically and if you use different numbers than my example so you don't feel like you are doing MY work that's fine. Thank you so much!
    paraclete's Avatar
    paraclete Posts: 2,706, Reputation: 173
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    #10

    Oct 17, 2012, 05:56 PM
    Start with what was produced

    inputs 1900*3/5 = 1140

    outputs 2100*1/5 =420
    finished = 21800

    therefore what was produced is 21080

    total costs aren't known only the value of inputs 98080
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