Problem - Journalizing in process costing; equivalent units and costs
Crystal Company produces large quantities of a standardized product. The following information is available for its production activities for March.
|
Raw materials
|
|
Factory overhead incurred
|
|
|
Beginning inventory
|
$26,000
|
Indirect materials used
|
$81,500
|
|
Raw materials purchased (on credit)
|
255,000
|
Indirect labor used
|
50,000
|
|
Direct materials used
|
(172,000)
|
Other overhead costs
|
159,308
|
|
Indirect materials used
|
(81,500)
|
Total factory overhead incurred
|
$290,808
|
|
Ending Inventory
|
$27,500
|
|
|
|
|
Factory overhead applied
|
|
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Factory payroll
|
|
(140% of direct labor cost)
|
|
|
Direct labor used
|
$207,720
|
Total factory overhead applied
|
$290,808
|
|
Indirect labor used
|
50,000
|
|
|
|
Total payroll cost (paid in cash)
|
$257,720
|
|
|
Additional information about units and costs of production activities follows.
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Units
|
|
Costs
|
|
|
Beginning goods in process inventory
|
2,200
|
Beginning goods in process inventory
|
|
|
Started
|
30,000
|
Direct materials
|
$3,500
|
|
Ending goods in process inventory
|
5,900
|
Direct labor
|
3,225
|
|
Status of ending goods in process inventory
|
|
Factory overhead
|
4,515
|
|
Materials-Percent complete
|
50 %
|
|
$11,240
|
|
Labor and overhead-Percent complete
|
65 %
|
Direct materials added
|
172,000
|
|
|
Direct labor added
|
207,720
|
|
|
Overhead applied (140% of direct labor)
|
290,808
|
|
|
Total costs
|
$681,768
|
|
|
Ending goods in process inventory
|
$82,128
|
During March, 25,000 units of finished goods are sold for $85 cash each. Cost information regarding finished goods follows.
|
Beginning finished goods inventory
|
$155,000
|
|
Cost transferred in
|
599,640
|
|
Cost of goods sold
|
(612,500)
|
|
Ending finished goods inventory
|
$142,140
|
Requirement - Complete the process cost summary report for this company, showing costs charged to production, units cost information, equivalent units of production, cost per EUP, and its cost assignment and reconciliation. (Round your cost per EUP answers to 2 decimal places. Round all other items entered to the nearest whole dollar amount. Omit the "$" sign in your response.)