Cosmo Company produces its finished product in two processing departments--Assemblyand Packaging. The following information is available for the month of July: Assembly Department:
The beginning work-in-process inventory cost was $62,744 and consisted of 4,100 units that were 40% completed as to conversion costs.
During July, an additional 16,800 units were started into production. A total of 15,600 units were completed and transferred out to the Packaging Department.
The ending work-in-process inventory consisted of 5,300 units which were 80% complete as to conversion costs.
The following costs were incurred during July: direct materials $124,320; direct labor $140,000; and factory overhead $98,420.
Direct materials are added at the beginning of the process in the Assembly Department and conversion costs are incurred evenly throughout the production process.

Packaging Department:
The beginning work in process inventory cost was $80,936 and consisted of 3 ,200 units that were 20% complete as to conversion costs.
During July, a total of 14,600 units were completed and transferred out to Finished Goods Inventory.
The ending work in process inventory consisted of 4,200 units which were 60% complete as to conversion costs.
The following costs were incurred during July: direct materials $207,320, direct labor $100,000; and factory overhead costs $ 162,032.
Direct materials are added at the end of the process in the Packaging Department and conversion costs are incurred evenly throughout the production process.

REQUIRED:
Prepare a production report for Jul v for the Assembly Departmen.

Production Cost Report  

INPUTS  

                                                  units               costs

Beginning Inventory  

Units                                         4,100

Cost at the beginning                                   $62,744

Incurred during the period :

Units started                          16,800

Materials                                                      $124,320

Conversion costs                                       $238,420

Total                                      20,900         $425,484

OUTPUTS

Completed and transferred   15,600        $302,952

Ending Work in Process         5,300            $90,185

Total                                       20,900          $393,137

Explanation:

Note : I will use the FIFO method for this question since the information given is only suitable for this method.

Assembly Department

First, calculate the equivalent units of production with respect to materials and conversion costs :

1.Materials

To finish Opening Work In Process (4,100x0%)     =   0

Started and Completed ((15,600 - 4,100) x100%)  =  11,500

Ending Work In Process (5,300x 100%)                 =   5,300

Equivalent units with respect to materials             =  16,800

2.Conversion costs  

To finish Opening Work In Process (4,100x60%)     =     2,460

Started and Completed ((15,600 - 4,100) x100%)     =     11,500

Ending Work In Process (5,300x 80%)                     =      4,240

Equivalent units with respect to conversion costs  =    19,840

Next, calculate the total costs with respect to materials and conversion costs :

1. Materials

FIFO method only accounts for costs incurred during the period

Costs Incurred during the period  =  $124,320

Total Material costs                        =  $124,320

2. Conversion Costs

FIFO method only accounts for costs incurred during the period

Costs Incurred during the period ($140,000 + $98,420) = $238,420

Total Conversion costs                                                      =  $238,420

Next, calculate the cost per equivalent unit of materials, conversion costs and in total

1. Materials

Cost per equivalent = Total Costs / Total Equivalent Units

Therefore,

Cost per equivalent = $124,320/ 16,800

                                 = $7.40

2. Conversion Costs

Cost per equivalent = Total Costs / Total Equivalent Units

Therefore,

Cost per equivalent = $238,420/ 19,840

                                 = $12.02

3. Total

Total unit cost = materials unit cost + Conversion unit cost

                       = $7.40 + $12.02

                      = $19.42

Finally, calculate the total cost of units completed and transferred out and units still in process

1. units completed and transferred out

Total cost = units completed and transferred out x total unit cost

                 = 15,600 units x $19.42

                 = $302,952

2. units still in process  

Total cost = material costs + conversion costs

          = 5,300 x $7.40  + 4,240 x $12.02

          = $90,184.80

Production Cost Report  

INPUTS  

                                                  units               costs

Beginning Inventory  

Units                                         4,100

Cost at the beginning                                   $62,744

Incurred during the period :

Units started                          16,800

Materials                                                      $124,320

Conversion costs                                       $238,420

Total                                      20,900         $425,484

OUTPUTS

Completed and transferred   15,600        $302,952

Ending Work in Process         5,300            $90,185

Total                                       20,900          $393,137

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