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Summary This case study focuses on determining equivalent units in a production business setting. Assignment Steps Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC) Tutorial help on Excel® and Word functions €7,40
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Summary This case study focuses on determining equivalent units in a production business setting. Assignment Steps Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC) Tutorial help on Excel® and Word functions
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University Of Phoenix UoP
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University Of Phoenix
This case study focuses on determining equivalent units in a production business setting. Assignment Steps Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC) Tutorial help on Excel® and Word functions can be found on the Microsoft® Office webs...
this case study focuses on determining equivalent units in a production business setting assignment steps resources generally accepted accounting principles gaap
us securities and exchange comm
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Running head: PRODUCT COSTS 1
This case study focuses on determining equivalent units in a production business setting. Assignment Steps
Resources: Generally Accepted Accounting Principles (GAAP), U.S. Securities and Exchange Committee (SEC)
Tutorial help on Excel® and Word functions can be found on the Microsoft® Office website. There are also additional
tutorials via the web offering support for Office products.
Scenario: Davis Skaros has recently been promoted to production manager. He has just started to receive
various managerial reports, including the production cost report you prepared. It showed his department had 2,000
equivalent units in ending inventory. His department has had a history of not keeping enough inventory on hand to
meet demand. He has come to you, very angry, and wants to know why you credited him with only 2,000 units when
he knows he had at least twice that many on hand. Prepare a maximum 700-word informal memo and explain to Mr.
Skaros why his production cost report showed only 2,000 equivalent units in ending inventory. Using a professional
tone, explain to him clearly why your report is accurate. Format the assignment consistent with APA guidelines. Click
the Assignment Files tab to submit your assignment.
Product Costs
Student’s Name
ACC/561
Teacher’s Name
, PRODUCT COSTS 2
Memorandum
TO: David Skaros
FROM: Name
DATE: November 18,2019
SUBJECT: Production Cost Report
Mr. Skaros,
I would like to congratulate you on your recent promotion as production manager –
Welcome to the team. It is my understanding you were expecting to see your departments
ending production cost report showing 4,000 units instead of 2,000 units. I would like to take a
moment and explain to you what makes up our production cost report. As a new production
manager understanding the various monthly managerial reports can be quite difficult to interpret
to say the least. For each department to run smoothly, it must track inventory, units and costs to
ensure adequate inventory can meet demands.
The company must perform four steps in order to complete a production cost report.
These four steps are (1) physical unit flow, (2) equivalent units of production, (3) unit production
costs, and (4) cost reconciliation schedule (Kimmel, Weygandt, & Kieso, 2016, p. 799). Each
step will be explained, and an example of how equivalent units are figured will be provided to
help walk you through the data process of the report.
Step 1:
Physical units are the actual units to be accounted for during a period, irrespective of any work
performed. To keep track of these units, add the units started (or transferred) into production
during the period to the units in process at the beginning of the period. This amount is referred to
as the total units to be accounted for (Kimmel, Weygandt, & Kieso, 2016, p. 799).
Physical Units
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