金陵科技学院-管理会计（双语）管理会计Lecture 8课堂习题答案.docVIP

AYB225 – SOLUTIONS, PRACTICE QUESTIONS LECTURE 8 Note: If you are required to complete a cost of production report in the examination you will be provided with a pro-forma. QUESTION 1 (a) COST OF PRODUCTION REPORT Calc. EU FLOW EQUIV. UNITS T/In MAT X (added at beginning) MAT Y (added at end) C/C Opening WIP 50% Transferred In 1,000 10,000 To A/c for 11,000 Completed Closing WIP (75%) 8,000 3,000 8,000 3,000 8,000 3,000 8,000 0 8,000 2,250 A/c for 11,000 11,000 11,000 8,000 10,250 Calc. Unit Costs TOTAL T/In MAT X MAT Y C/C WIP Current 44,800 62,400 12,000 20,000 15,900 16,000 0 6,400 16,900 20,000 Costs to Account For ? EU UNIT COSTS 107,200 10.2091 32,000 11,000 2.9091 31,900 11,000 2.9 6,400 8,000 .80 36,900 10,250 3.60 Allocation of Costs Goods Completed 8,000 x $10.2091 81,673 Work in process 3,000 x 2.9091 8,727 3,000 x 2.9 8,700 0 x .80 0 2,250 x 3.60 8,100 25,527 107,200 (b) WIP-2 62,400 WIP-1 20,000 Material X 16,000 Material Y 6,400 Payroll 14,000* OH 6,000* WIP-3 81,673 WIP-2 81,673 * In practice the journal entries would separate out these amounts, as the solution does. If you know the figures, you must show them separately. (c) Work in Process – 2 a/c Balance 44,800 To FG 81,673 WIP-1 20,000 Close bal 25,527 (this agrees with the amount above) Material X 16,000 Material Y 6,400 Payroll 14,000 OH 6,000 107,200 107,200 QUESTION 2 (a) COST OF PRODUCTION REPORT Calc. EU FLOW EQUIV. UNITS T/In MATS (at end) C/C Opening WIP 40% Transferred In 600 1,800 To A/c for 2,400 Completed Closing WIP (60%) 2,000 400 2,000 400 2,000 0 2,000 240 A/c for 2,400 2,400 2,000 2,240 Calc. Unit Costs TOTAL T/In MATS C/C WIP Current 31,850 159,800 21,850 96,000 0 17,800 10,000 46,000 Costs to Account For ? EU UNIT COSTS 191,650 83.004 117,850 2,400 $49.104 17,800 2,000 $8.90 56,0