Rivera Company has several processing departments. Costs chargedto the Assembly Department for November 2020...

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Accounting

Rivera Company has several processing departments. Costs chargedto the Assembly Department for November 2020 totaled $ 2,262,390 asfollows.

Work in process, November 1
   Materials$ 78,500
   Conversioncosts48,000$ 126,500
Materials added1,576,300
Labor225,000
Overhead334,590


Production records show that  34,500 units were inbeginning work in process 30% complete as to conversioncosts,  655,000 units were started into production,and  24,000 units were in ending work in process 40%complete as to conversion costs. Materials are entered at thebeginning of each process.

Prepare a production cost report for the Assembly Department.(Round unit costs to 2 decimal places, e.g. 2.25 andother answers to 0 decimal places, e.g. 125.)

RIVERA COMPANY
Assembly Department
Production Cost Report
For the Month Ended November 30, 2020

Equivalent Units

Quantities

Physical
Units


Materials

Conversion
Costs

Units to be accounted for

   Work in process, November 1

   Started into production

      Total units

Units accounted for

   Transferred out

   Work in process, November 30

      Total units


Costs


Materials

Conversion
Costs


Total

Unit costs

   Total Costs

$

$

$

   Equivalent units

   Unit costs

$

$

$

Costs to be accounted for

   Work in process, November 1

$

   Started into production

      Total costs

$

Cost Reconciliation Schedule

Costs accounted for

   Transferred out

$

   Work in process, November 30

      Materials

$

      Conversion costs

   Total costs

$

Attempts: 0 of 7 used

Answer & Explanation Solved by verified expert
4.0 Ratings (555 Votes)

Production cost report :

Equivalent unit
Quantities Physical unit Material Conversion
Units to be accounted for
Work in process, November 1 34500
Started into production 655000
Total Units 689500
Units accounted for
Transferred out 665500 665500 665500
Work in process, November 30 24000 24000 24000*40% = 9600
Total units 689500 689500 675100
Costs Material Conversion Total
Unit cost
Total cost 1654800 607590 2262390
Equivalent unit 689500 675100
Unit Cost 2.40 0.90 3.30
Costs to be accounted for
Work in process, November 1 126500
Started into production 2135890
Total Costs 2262390
Cost Reconciliation Schedule
Costs accounted for
Transferred out 2196150
Work in process, November 30
Material (24000*2.4) 57600
Conversion (9600*.90) 8640 66240
Total Costs 2262390

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Transcribed Image Text

In: AccountingRivera Company has several processing departments. Costs chargedto the Assembly Department for November 2020 totaled...Rivera Company has several processing departments. Costs chargedto the Assembly Department for November 2020 totaled $ 2,262,390 asfollows.Work in process, November 1   Materials$ 78,500   Conversioncosts48,000$ 126,500Materials added1,576,300Labor225,000Overhead334,590Production records show that  34,500 units were inbeginning work in process 30% complete as to conversioncosts,  655,000 units were started into production,and  24,000 units were in ending work in process 40%complete as to conversion costs. Materials are entered at thebeginning of each process.Prepare a production cost report for the Assembly Department.(Round unit costs to 2 decimal places, e.g. 2.25 andother answers to 0 decimal places, e.g. 125.)RIVERA COMPANYAssembly DepartmentProduction Cost ReportFor the Month Ended November 30, 2020Equivalent UnitsQuantitiesPhysicalUnitsMaterialsConversionCostsUnits to be accounted for   Work in process, November 1   Started into production      Total unitsUnits accounted for   Transferred out   Work in process, November 30      Total unitsCostsMaterialsConversionCostsTotalUnit costs   Total Costs$$$   Equivalent units   Unit costs$$$Costs to be accounted for   Work in process, November 1$   Started into production      Total costs$Cost Reconciliation ScheduleCosts accounted for   Transferred out$   Work in process, November 30      Materials$      Conversion costs   Total costs$Attempts: 0 of 7 used

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