Data Entry Section

Percent Complete
Unit Information Units Direct Materials Conversion Costs Costs Information Direct Materials Conversion Costs Transferred In
Units in Beginning Work in Process Inventory 24,000 100% 20% Costs in Beginning Work in Process Inventory $24,000 $28,000 $24,000
Units started and completed during the Period 44,000 100% 100% Costs added during the Period $34,000 $68,500
Units in Ending Work in Process Inventory 20,000 100% 30%

Lexington Company
Finishing Department Cost Production Report Step 1: Analyze Flow of
Production Units
For the Month Ended July 201X

Production Quantity Information

Equivalent Units
Physical Units Direct Materials Conversion Costs Transferred In Costs
Input
Work in Process, beginning 24,000 Step 2: Calculate Equivalent Units for
each manufacturing Cost Elemnet
Started during the Period 64,000
Total units to Account For 88,000

Output
Work in Process, beginning 24,000 $24,000 $4,800
Started and Completed 44,000 $44,000 $44,000 $44,000
Work in Process, ending 20,000 $0 $6,000 $20,000
Step 3: Determine total cost for each
Total Units Accounted For 88,000 $68,000 $54,800 $64,000 manufacturing Cost Elemnet

Unit Cost Determination

Direct Materials Conversion Costs Transferred In Total
Work in Process, beginning $52,000
Costs added during the period $34,000 $68,500 128,000 $230,500
Total Costs to Account For $34,000 $68,500 128,000 $282,500
Divide by Equivalent Units $68,000 $54,800 $64,000
Step 4: Compute Cost per
Equivalent Unit Costs $0.50 $1.25 $2.00 $3.75 Equivalent Unitc

Cost Assignment
Goods Completed and Transferred Out Total
Work in Process, Beginning $48,000 $48,000 Note:
Completion of Beginning 1. This Production Cost Report uses the FIFO Method
Direct Materials (24,000 x 0.50) 12,000 2. Formulas were used to have a better understanding of data
Conversion Costs (4800 x 1.25) 6,000 18,000
Total Beginning Inventory $66,000 $66,000.00
Started and Completed $165,000 $165,000 Step 5: Assign Total
Total Costs Completed and Transferred out $231,000.00 $231,000 Manufacturing Costs
Work in Process, ending
Transferred In (20,000 x $2.00) $40,000.00
Conversion Costs (20,000 x $1.25 x 0.3 $7,500.00 $47,500.00
Total Cost Accounted For $278,500 $278,500
 Data Entry Section
Percent Complete
Unit Information Units Direct Materials Conversion Costs Costs Information Direct Materials Conversion Costs Transferred In
Units in Beginning Work in Process Inventory 20,000 100% 25% Costs in Beginning Work in Process Inventory $28,000 $20,000 $16,000
Units started and completed during the Period 30,000 100% 100% Costs added during the Period $28,000 $64,000
Units in Ending Work in Process Inventory 20,000 100% 25%

Lexington Company
Finishing Department Cost Production Report Step 1: Analyze Flow of
Production Units
For the Month Ended July 201X

Production Quantity Information

Equivalent Units
Physical Units Direct Materials Conversion Costs Transferred In Costs
Input
Work in Process, beginning 20,000 Step 2: Calculate Equivalent Units for
each manufacturing Cost Elemnet
Started during the Period 50,000
Total units to Account For 70,000

Output
Work in Process, beginning 20,000 $20,000 $5,000
Started and Completed 30,000 $30,000 $30,000 $30,000
Work in Process, ending 20,000 $0 $5,000 $20,000
Step 3: Determine total cost for each
Total Units Accounted For 70,000 $50,000 $40,000 $50,000 manufacturing Cost Elemnet

Unit Cost Determination

Direct Materials Conversion Costs Transferred In Total
Work in Process, beginning $36,000
Costs added during the period $28,000 $64,000 75,000 $167,000
Total Costs to Account For $28,000 $64,000 75,000 $203,000
Divide by Equivalent Units $50,000 $40,000 $50,000
Step 4: Compute Cost per
Equivalent Unit Costs $0.56 $1.60 $1.50 $3.66 Equivalent Unitc

Cost Assignment
Goods Completed and Transferred Out Total
Work in Process, Beginning $36,000 $36,000 Note:
Completion of Beginning 1. This Production Cost Report uses the FIFO Method
Direct Materials (20,000 x 0.56) 11,200 2. Formulas were used to have a better understanding of data
Conversion Costs (20000 x 0.25s0.60) 8,000 19,200
Total Beginning Inventory $55,200 $55,200.00
Started and Completed $109,800 $109,800 Step 5: Assign Total
Total Costs Completed and Transferred out $165,000.00 $165,000 Manufacturing Costs
Work in Process, ending
Transferred In (20,000 x $1.50) $30,000.00
Conversion Costs (20,000 x $1.60 x 0.25) $8,000.00 $38,000.00
Total Cost Accounted For $203,000 $203,000