Prepare the month end production report

ACC 245 D20 Spring 2021 Assignment 5 Production Cost Course value 100 points 1. Prepare the month end production report. 2. Yo u must submit your work to the assignment 5 drop box by the due date. Late work will not be graded. See the course calendar for the assignment’s due date. Mattison Manufacturing Company uses a process cost system. Its manufacturing operation is divided into two departments: Stamping and Finishing. The Stamping department uses FIFO cost method while the Finishing department u ses average cost method. Materials are added in both departments at the beginning of operations, and the added material does not increase the number of units being produced. Units are lost in the Stamping department when the material enters production pr ocess. The lost units have no scrap value and are considered to be a normal loss. Conversion costs occur equally throughout the production process in both departments. Your worksheet must be able to produce month -after -month reports for the following: 1. Produce a Cost of Production report for the Stamping department. 2. All journal entries that are prepared based on the Cost of Production report (assume that all payroll, material issues, and factory overhead entries have been made). 3. A report givin g the following variances: a. Direct Material Price b. Direct Material Quantity c. Total Direct Material d. Direct Labor e. Direct Labor Efficiency f. Total Direct Labor g. Units Lost in Production (actual verses target) stated as number of units an d as a percentage. Production statistics for Mar 20 18 show the following: Stamping Department Units in process Mar 1 (20% completed) 11,500 Units started in production 80,500 Units transferred to Finishing 57,500 Units lost in production 10,000 Units in process, Mar 31 (40% completed) 24,500 Production Costs: Work in process Mar 1 Materials $28,000 Labor 16,800 Factory Overhead 5,600 Cost incurred during the month: Materials -Purchased 195,440 (183,250 units of raw material) Labor 125,300 (8,353.3 actual hours of direct labor) Factory Overhead 42,308 Other information 1. If rounding is necessary, you are to round to the third digit. If rounding results in the dollar amounts not adding up, you are to add/minus the difference to the total cost transfer out of the department. 2. Units lost in production are expected to be 15%. 3. Standards: Direct Material 2.25 units at $1.14 Direct Labor .14 hours at $14.50

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