ackson Winery in Pleasant Valley, New York, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging process bottles). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of March for the Fermenting Department are as follows: (Click the icon to view the data from March.) Read the requirements. Requirement 2. Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Fermenting Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in nding inventory in the following step. (Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.) Jackson Winery Production Cost Report - Fermenting Department (Partial) Month Ended March 31 Direct Conversion Total COSTS Materials Costs Costs Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total units to account for Cost per equivalent unit
ackson Winery in Pleasant Valley, New York, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging process bottles). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of March for the Fermenting Department are as follows: (Click the icon to view the data from March.) Read the requirements. Requirement 2. Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Fermenting Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in nding inventory in the following step. (Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.) Jackson Winery Production Cost Report - Fermenting Department (Partial) Month Ended March 31 Direct Conversion Total COSTS Materials Costs Costs Costs to account for: Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total units to account for Cost per equivalent unit
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 5PB: Blue Ribbon Flour Company manufactures flour by a series of three processes, beginning in the...
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Concept explainers
Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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Transcribed Image Text:Jackson Winery in Pleasant Valley, New York, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging process
(bottles). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of March for the Fermenting Department are as follows:
E (Click the icon to view the data from March.)
Read the requirements.
Requirement 2. Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Fermenting Department ending Work-in-Process Inventory.
Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in
ending inventory in the following step. (Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)
Jackson Winery
Production Cost Report - Fermenting Department (Partial)
Month Ended March 31
Direct
Conversion
Total
COSTS
Materials
Costs
Costs
Costs to account for:
Beginning work-in-process
Costs added during the period
Total costs to account for
Divided by: Total units to account for
Cost per equivalent unit
Choose from any list or enter any number in the input fields and then click Check Answer.
Transcribed Image Text:1 Data Table
Gallons
Beginning Work-in-Process Inventory
200 gallons
Started in production
9,700 gallons
Completed and transferred out to Packaging in March
4,800 gallons
Ending Work-in-Process Inventory (80% of the way
5,100 gallons
through the fermenting process)
Costs
Beginning Work-in-Process Inventory:
Direct materials
4,005
Direct labor
150
Manufacturing overhead allocated
240
Costs added during March:
Direct materials
9,360
Direct labor
2,726
3,100
Manufacturing overhead allocated
$ 15,186
Total costs added during March
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