Question & Answer: Part (e) was not answered previously. Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the M…..

Part (e) was not answered previously. Steiner Corporation manufactures water skis through two processes: Molding and Packaging. In the Molding Department, fiberglass is heated and shaped into the form of a ski. In the Packaging Department, the skis are placed in cartons and sent to the finished goods warehouse. Materials are entered at the beginning of both processes. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department for January 2017 are presented below.

Production Data January
Beginning work in process units –0–
Units started into production 50,000
Ending work in process units 2,500
Percent complete – ending inventory 40%
Cost Data January
Materials $510,000
Labor 92,500
Overhead   150,000
   Total $752,000

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(a) Compute the physical units of production.

(b) Determine the equivalent units of production for materials and conversion costs.

(c) Compute the unit costs of production.

(d) Determine the costs to be assigned to the units transferred out and in process.

(e) Prepare a production cost report for the Molding Department for the month of January.

(a) Physical Units:
Units to be accounted for:
          Total Units
Units accounted for:
          Total Units
(b) Equivalent Units:
Materials Conversion Costs
Work in Process Jan 31
Total Equivalent Units
(c) Unit Costs
(d) Costs accounted for:
Work in process, Jan 31:
          Total costs

(e)

                                                   STEINER CORPORATION

                                                        Molding Department

                                                     Production Cost Report

                                           For the Month Ended January 31, 2017

Equivalent Units
Quantities Physical Units Materials Conversion Costs
Units to be accounted for: (Step 1) (Step 2)
Work in process, Jan 1 0
Total units
Units accounted for:
Total units
Equivalent Units
Costs Physical Units Materials Conversion Costs Total
Units costs:
(a)
(b)
Unit costs (a) / (b)
Costs to be accounted for:
Work in process, Jan 1 0
Total costs
Costs Reconciliation Schedule (Step 4)
Costs to be accounted for:
Total costs

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