The Assembly Department of Nitz Company has the following production and cost data at the end of May, 2020. Production: 30,000 units started into production; 25,000 units transferred out and 5,000 units 100% completed as to materials and 40% completed as to conversion costs. Manufacturing Costs: Materials added at beginning of process, $90,000; labor, $75,000; overhead $60,000.Prepare a production cost report for the month of May.

Explanation:

The objective of this question is to prepare a production cost report for the month of May for  Nitz Company.

                                  Nitz Company

           Assembly Department Production Cost Report

                      For The Month Ended May, 2020

                                                                     Equivalent Units                      

Quantities           Physical units            Materials         Conversion costs

Units to be

accounted for             0

Work in process,

May 1

Started into             30000

Production

Total Units               30000

Units Accounted for:

Transferred out        25000                  25000              25000

Work in process,

May 31                       5000                     5000                 2000

Total Units  

Accounted for          30000                  30000               27000

Costs                       Material              Conversion          Total

                                                             Costs

Unit Costs

Costs in May           90,000               135,000               225,000

Equivalent Units      30000                27000                      

Unit Costs                   3                            5                         8

Costs to be accounted for:

Work in Process, May 1                                                      -

Started into Production                                                    225,000

Total Costs                                                                        225,000

Cost Reconciliation Statement:

Transferred out                                                                  200,000

Work in Process, May 31:                                                     0

Materials                                                 15000

Conversion Costs                                  10,000                   25,000

Total Costs                                                                           225,000                  

NOTE:

The process by which we  determine the Conversion Costs  is by the relation:

Conversion Costs which is  = Labor + Overhead

Conversion Costs = 75000 + 60000

Conversion Costs  = $135000

And for the Total Costs ; we have:

Total Costs = Material + Conversion Costs

Total Costs = 90000 + 135000

Total Costs = $225000

Work in Process, May 31 = 225,000-225,000 = 0

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