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Category > Accounting Posted 17 Aug 2017 My Price 11.00

Rondeli Company

*P3-7A Rondeli Company manufactures bicycles and tricycles. For both products, ma- terials are added at the beginning of the production process, and conversion costs are incurred uniformly. Rondeli Company uses the FIFO method to compute equivalent units. Production and cost data for the month of March are as  follows.

Percent

 

 

Production Data—Bicycles

 

Units

 

Complete

Work in process units, March 1

 

200

 

80%

Units started into production

 

1,250

 

 

Work in process units, March 31

 

300

 

40%

 

Cost Data—Bicycles

 

 

Units

 

Percent Complete

Work in process, March 1

 

$19,280

 

 

Direct materials

 

50,000

 

 

Direct labor

 

25,500

 

 

Manufacturing overhead

 

30,000

 

 

 

 

 

Production  Data—Tricycles

 

 

Units

 

Percent Complete

Work in process units, March 1

 

100

 

75%

Units started into production

 

800

 

 

Work in process units, March 31

 

60

 

25%

Cost Data—Tricycles

 

 

 

 

Work in process, March 1

 

$ 6,125

 

 

Direct materials

 

30,400

 

 

Direct labor

 

15,100

 

 

Manufacturing overhead

 

20,000

 

 

 

Instructions

(a)  Calculate the following for both the bicycles and the tricycles.

 

(a) Bicycles:

 

(1)  The equivalent units of production for materials and conversion costs.

(1) Materials

1,250

(2) The unit costs of production for materials and conversion costs.

(2) Materials

$40

(3)  The assignment of costs to units transferred out and in process at the end of   the

(3)  Transferred

 

accounting period.

out

$106,780

(b) Prepare a production cost report for the month of March for the bicycles only.

WIP

$ 18,000

 

 

 

 

PROBLEMS: SET B

Answers

Maurice Tutor
(5)
Status NEW Posted 17 Aug 2017 04:08 PM My Price 11.00

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