The Cutting Department of Cassel Company has the following production and cost data for July. Production Costs
1. Transferred out 12,400 units. Beginning work in process $0
2. Started 3,100 units that are 60% complete
as to conversion costs and 100% complete
as to materials at July 31 Materials 57,350
Labor 14,044
Manufacturing overhead 20,180
Materials entered at the beginning of the process. Conversion costs are incurred uniformly during the process.
a. Determine the equivalent units of production for 1 material and 2 conversion costs.
Materials Conversion Costs
Total equivalent units of production
b. Compute unit costs. Round unit costs to 2 decimal places.
Materials $
Conversion costs $
Prepare a cost reconciliation schedule
Cost Reconciliation
Cost accounted for
Transferred out $
Work in process, July 31
Materials $
Conversion costs
Total costs $