Base you answer on the following data from Gold Star Products, Inc., for the month of January. The company uses the average cost method of accounting for beginning work in process.
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Gold Star Products, Inc., for the month of January
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Quantity
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Stage of Completion of Ending
Work in Process
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Work in Process - Beginning
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400
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Materials
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complete
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Started in Production - Current Month
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600
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Labor
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60%
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Transferred Out to Next Department
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800
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Overhead
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60%
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Work in Process - Ending
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190
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Lost in Production
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Costs
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Work in Process - Beginning:
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Materials
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$9,968.00
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Labor
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2,224.80
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Overhead
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1,898.40
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Total
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$14,091.20
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Current Month:
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Materials
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$15,041.11
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Labor
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11,589.19
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Overhead
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9,895.25
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Total
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$36,525.55
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1. How many units were lost in production?
2. The equivalent production for materials, labor, and overhead, respectively is:
3. The unit costs of materials, labor, and overhead, respectively are:
4. The costs transferred to the next department total:
5. The cost of the labor in ending Work in Process is: