Please do parts 4 and 5. spooled onto reels. The company uses the weighted-average method in its process costing system. Data tor March tor the DryingDepartment follow:Percent CompletedConversion80%UnitsPuipingWork in process inventory, March 1Work in process inventory, March 31Pulping cost in work in process inventory, March 1Conversion cost in work in process inventory, March 1Units transferred to the next production departmentPulping cost added during MarchConversion cost added during March3,5005,500100%100%70%1,645$ 1,050154,900$78,555$ 52,925No materials are added in the Drying Department. Pulping cost represerts the costs of the wet fibers transferrea in from the PulpingDepartment. Wet fiber is processed in the Drying Department in batches: each unit in the above table is a batch and one batch of wetfibers produces a set amount of dried paper that is passed on to the Finishing Department.Required:1. Compute the Drying Department's equivalent units of production for pulping and conversion in Marc2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March3. Compute the Drying Department's cost of ending work in process inventory for pulping,4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping conversion, and in total inMarch.nversion, and in total fon March5. Prepare a cost reconciliation report for the Drying Department for March.Answer is not complete.Complete this question by entering your answers in the tabs below.Required 1Required 2Required 3Required 4Required 5Compute the Drying Department's equivalent units of production for pulping andiconversionlin March!PulpingConversionEquivalent units of production< Required 1Required 2 >

spooled onto reels. The company uses the weighted-average method in its process costing system. Data tor March tor the Drying Department follow: Percent Completed Puiping 100% 100% Units Conversion Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March 80% 3,500 5,500 70% 1,645 1,050 154,900 $78,555 $ 52,925 No materials are added in the Drying Department. Pulping cost represerts the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches: each unit in the above table is a batch and ane batch of wet fibers produces a set amount of dried paper that is passed on to the Finishina

spooled onto reels. The company uses the weighted-average method in its process costing system. Data tor March tor the Drying Department follow: Percent Completed Puiping 100% 100% Units Conversion Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March 80% 3,500 5,500 70% 1,645 1,050 154,900 $78,555 $ 52,925 No materials are added in the Drying Department. Pulping cost represerts the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches: each unit in the above table is a batch and ane batch of wet fibers produces a set amount of dried paper that is passed on to the Finishina

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 15E: Costs per equivalent unit and production costs Based on the data in Exercise 17-14, determine the...

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Seacrest Company uses a process-costing system. The company manufactures a product that is processed in two departments: A and B. As work is completed, it is transferred out. All inputs are added uniformly in Department A. The following summarizes the production activity and costs for November: Required: 1. Using the weighted average method, prepare the following for Department A: (a) a physical flow schedule, (b) an equivalent unit calculation, (c) calculation of unit costs (Note: Round to four decimal places.), (d) cost of EWIP and cost of goods transferred out, and (e) a cost reconciliation. 2. CONCEPTUAL CONNECTION Prepare journal entries that show the flow of manufacturing costs for Department A. Use a conversion cost control account for conversion costs. Many firms are now combining direct labor and overhead costs into one category. They are not tracking direct labor separately. Offer some reasons for this practice.
The Converting Department of Tender Soft Tissue Company uses the weighted average method and had 1,900 units in work in process that were 60% complete at the beginning of the period. During the period, 15,800 units were completed and transferred to the Packing Department. There were 1,200 units in process that were 30% complete at the end of the period. a. Determine the number of whole units to be accounted for and to be assigned costs for the period. b. Determine the number of equivalent units of production for the period. Assume that direct materials are placed in process during production.
K-Briggs Company uses the FIFO method to account for the costs of production. For Crushing, the first processing department, the following equivalent units schedule has been prepared: The cost per equivalent unit for the period was as follows: The cost of beginning work in process was direct materials, 40,000; conversion costs, 30,000. Required: 1. Determine the cost of ending work in process and the cost of goods transferred out. 2. Prepare a physical flow schedule.
Conte Chemical Co. uses the weighted average cost method. All materials are added at the start of the production process. Labor and overhead are added evenly at the same rate throughout the process. Contes records indicate the following data for May: Ending work in process, on May 31, is 75% completed as to labor and factory overhead. Make the following calculations: a. Equivalent units for direct materials b. Equivalent units for labor and overhead (Hint: first determine the ending units in work in process.)
Sonoma Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost during production. Materials and conversion costs are added evenly throughout the process. The following summaries were prepared for March: Calculate the unit cost for materials, labor, and factory overhead for March and show the costs of units transferred to finished goods and to ending work in process inventory.
Cost of production report The debits to Work in ProcessRoasting Department for Morning Brew Coffee Company for August, together with information concerning production, are as follows: All direct materials are placed in process at the beginning of production. A. Prepare a cost of production report, presenting the following computations: 1. Direct materials and conversion equivalent units of production for August 2. Direct materials and conversion costs per equivalent unit for August 3. Cost of goods finished during August 4. Cost of work in process at August 31 B. Compute and evaluate the change in cost per equivalent unit for direct materials and conversion from the previous month (July).
During December, Krause Chemical Company had the following selected data concerning the manufacture of Xyzine, an industrial cleaner: All materials are added at the beginning of processing in this department, and conversion costs are added uniformly during the process. The beginning work in process inventory had 120 of raw materials and 180 of conversion costs incurred. Materials added during December were 540, and conversion costs of 1,484 were incurred. Krause uses the first-in, first-out (FIFO) process cost method. The equivalent units of production used to compute conversion costs for December were: a. 110 units. b. 104 units. c. 100 units. d. 92 units.
Holmes Products, Inc., produces plastic cases used for video cameras. The product passes through three departments. For April, the following equivalent units schedule was prepared for the first department: Costs assigned to beginning work in process: direct materials, 90,000; conversion costs, 33,750. Manufacturing costs incurred during April: direct materials, 75,000; conversion costs, 220,000. Holmes uses the weighted average method. Required: 1. Compute the unit cost for April. 2. Determine the cost of ending work in process and the cost of goods transferred out.
Proteger Company manufactures insect repellant lotion. The Mixing Department, the first process department, mixes the chemicals required for the repellant. The following data are for the current year: Direct materials are added at the beginning of the process. Ending inventory is 95 percent complete with respect to direct labor and overhead. The cost of goods transferred out for the year is: a. 4,471,200 b. 3,571,200 c. 3,780,000 d. 3,024,000
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The standard cost summary for the most popular product of Phenom Products Co. is shown as follows, together with production and cost data for the period. One gallon each of liquid lead and varnish are added at the start of processing. The balance of the materials is added when the process is two-thirds complete. Labor and overhead are added evenly throughout the process. There were no units in process at the beginning of the month. Required: Calculate equivalent production for materials, labor, and overhead. (Be sure to refer to the standard cost summary to help determine the percentage of materials in ending work in process.) Calculate materials and labor variances and indicate whether they are favorable or unfavorable, using the diagram format shown in Figure 8-4. Determine the cost of materials and labor in the work in process account at the end of the month.
Calculating unit costs; units lost in production Gray Brothers Products Inc. manufactures a liquid product in one department. Due to the nature of the product and the process, units are regularly lost at the beginning of production. Materials and labor and overhead costs are added evenly throughout the process. The following summaries were prepared for the month of January: Calculate the unit cost for materials, labor, and factory overhead for January and show the costs of units transferred to finished goods and of the ending work in process inventory.