Loanstar had 150 units in beginning inventory before starting 950 units and completing 900 units. The beginning work in process inventory consisted of $2,000 in materials and $4,000 in conversion costs before $7,900 of materials and $13,280 of conversion costs were added during the month. The ending WIP inventory was 100% complete with regard to materials and 30% complete with regard to conversion costs. Use the above information to complete a production cost report. Enter all amount as positive values.

Loanstar

Production Report:

                             Units     Materials    Conversion    Total

Beginning WIP     150         $2,000       $4,000          $6,000

Started                950           7,900         13,280            21,180

Total                  1,100         $9,900       $17,280        $27,180

Completed         900              900             900

Ending WIP        200              200 (100%)    60 (30%)

Total equivalent units           1,100             960

Cost per equivalent unit    $9              $18

Cost assigned to:

Units completed               $8,100           $16,200         $24,300

Ending WIP                          1,800               1,080              2,880

Total cost of production $9,900           $17,280           $27,180

Explanation:

a) Data and Calculations:

                             Units     Materials    Conversion    Total

Beginning WIP    150         $2,000       $4,000          $6,000

Started               950           7,900         13,280            21,180

Total                 1,100         $9,900       $17,280        $27,180

Completed        900           900             900

Ending WIP       200            200 (100%)   60 (30%)

Total equivalent units       1,100             960

Cost per equivalent unit    $9              $18

Cost assigned to:

Units completed               $8,100           $16,200         $24,300

Ending WIP                          1,800               1,080              2,880

Total cost of production $9,900           $17,280           $27,180

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