FINANCIAL & MANAGERIAL ACCW/CENGAGENOWV
15th Edition
ISBN: 9781337955423
Author: WARREN, JONES
Publisher: CENGAGE L
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Textbook Question
Chapter 17, Problem 1E
Entries for materials cost flows in a
The Hershey Company manufactures chocolate confectionery products. The three largest raw materials are cocoa, sugar, and dehydrated milk. These raw materials first go into the Blending Department. The blended product is then sent to the Molding Department, where the bars of candy are formed. The candy is then sent to the Packing Department, where the bars are wrapped and boxed. The boxed candy is then sent to the distribution center, where it is eventually sold to food brokers and retailers.
Show the accounts debited and credited for each of the following business events:
- A. Materials used by the Blending Department
- B. Transfer of blended product to the Molding Department
- C. Transfer of chocolate to the Packing Department
- D. Transfer of boxed chocolate to the distribution center
- E. Sale of boxed chocolate
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Entries for Materials Cost Flows in a Process Cost System
The Hershey Company manufactures chocolate confectionery products. The three largest raw materials are cocoa, sugar, and dehydrated milk. These raw materials first go into the Blending Department. The blended product is then sent to the Molding Department,
where the bars of candy are formed. The candy is then sent to the Packing Department, where the bars are wrapped and boxed. The boxed candy is then sent to the distribution center, where it is eventually sold to food brokers and retailers.
Show the accounts debited and credited for each of the following business events:
a. Materials used by the Blending Department.
Debit account
Credit account
Credit account
Credit account
b. Transfer of blended product to the Molding Department.
Debit account
Credit account
c. Transfer of chocolate to the Packing Department.
Debit account
Credit account
d. Transfer of boxed chocolate to the distribution center.
Debit account
Credit account
e.…
For all Problems, assume the weighted-average method is to be used unless you are told otherwise.
Preparing a production cost report, second department, with beginning WIP and transferred in costs; journal entries; FIFO method
Happy Colors manufactures crayons in a three-step process: mixing, molding packaging. The Mixing Department combines the direct materials of paraffin wax and pigments. The heated mixture is pumped to the Molding Department, where it is poured into molds. After the molds cool, the crayons are removed from the molds and are transferred to the Packaging Department, where paper wrappers are added and the crayons are boxed.
In the Mixing Department, the direct materials are added at the beginning of the process and the conversion costs are incurred evenly throughout the process. Work in process of the Mixing Department on April 1, 2018, consisted of 300 batches of crayons that were 30% of the way through the production process. The beginning balance in Work-in-Process…
Your company produces sandwich cookie snack packs. There are three main processes used to make the cookies. The first process preps and mixes the ingredients into the cookie and the filling. The second process shapes, forms and bakes the cookies. The third process packages the cookies. The cookies are sold in cases of 30 cookie packs (1 case is a unit)
Information on the direct materials is listed in table 1. Consider this information the standard. Direct labor information given in Table 2. Consider this information the standard.
Annual overhead information is given in Table 3. Overhead is allocated based direct labor hours. Estimated annual direct labor hours are 221,800. Calculate a predetermined OH rate (round to two decimal places if needed). Use this rate when you need to apply OH.
Table 4 gives you the information for the last six months on the manufacturing overhead cost and machine hours. Using the high/low method of cost estimation and this information, determine…
Chapter 17 Solutions
FINANCIAL & MANAGERIAL ACCW/CENGAGENOWV
Ch. 17 - Which type of cost system, process or job order,...Ch. 17 - In job order cost accounting, the three elements...Ch. 17 - In a job order cost system, direct labor and...Ch. 17 - Why is the cost per equivalent unit often...Ch. 17 - What is the purpose for determining the cost per...Ch. 17 - Rameriz Company is a process manufacturer with two...Ch. 17 - What is the most important purpose of the cost of...Ch. 17 - How are cost of production reports used for...Ch. 17 - Job order versus process costing Which of the...Ch. 17 - Kraus Steel Company has two departments, Casting...
Ch. 17 - The Rolling Department of Kraus Steel Company had...Ch. 17 - The Rolling Department of Kraus Steel Company had...Ch. 17 - The cost of direct materials transferred into the...Ch. 17 - The costs per equivalent unit of direct materials...Ch. 17 - In October, the cost of materials transferred into...Ch. 17 - Analyzing changes in unit costs The costs of...Ch. 17 - Entries for materials cost flows in a process cost...Ch. 17 - Flowchart of accounts related to service and...Ch. 17 - Radford Inc. manufactures a sugar product by a...Ch. 17 - The cost accountant for River Rock Beverage Co....Ch. 17 - The Converting Department of Worley Company had...Ch. 17 - Data for the two departments of Kimble Pierce...Ch. 17 - The following information concerns production in...Ch. 17 - a. Based upon the data in Exercise 17-7, determine...Ch. 17 - Equivalent units of production Kellogg Company...Ch. 17 - Costs per equivalent unit Georgia Products Inc....Ch. 17 - The charges to Work in ProcessAssembly Department...Ch. 17 - a. Based on the data in Exercise 17-11, determine...Ch. 17 - Errors in equivalent unit computation Napco...Ch. 17 - Cost per equivalent unit The following information...Ch. 17 - Costs per equivalent unit and production costs...Ch. 17 - Cost of production report The debits to Work in...Ch. 17 - Cost of Production report The Cutting Department...Ch. 17 - Cost of production and journal entries AccuBlade...Ch. 17 - Cost of production and journal entries Lighthouse...Ch. 17 - Process costing for a service company Madison...Ch. 17 - The Converting Department of Tender Soft Tissue...Ch. 17 - Units of production data for the two departments...Ch. 17 - The following information concerns production in...Ch. 17 - Equivalent units of production and related costs...Ch. 17 - The following information concerns production in...Ch. 17 - The increases to Work in ProcessRoasting...Ch. 17 - Prepare a cost of production report for the...Ch. 17 - Entries for process cost system Port Ormond Carpet...Ch. 17 - Cost of production report Hana Coffee Company...Ch. 17 - Equivalent units and related costs; cost of...Ch. 17 - Work in process account data for two months; cost...Ch. 17 - Sunrise Coffee Company roasts and packs coffee...Ch. 17 - Entries for process cost system Preston Grover...Ch. 17 - Cost of production report Bavarian Chocolate...Ch. 17 - Equivalent units and related costs; cost of...Ch. 17 - Work in process account data for two months; cost...Ch. 17 - Blue Ribbon Flour Company manufactures flour by a...Ch. 17 - Dura-Conduit Corporation manufactures plastic...Ch. 17 - Analyzing process cost elements across product...Ch. 17 - Analyzing process cost elements over time Pix...Ch. 17 - Prob. 4MADCh. 17 - Ethics in Action You are the Cookie division...Ch. 17 - Communications Jamarcus Bradshaw, plant manager of...Ch. 17 - Prob. 4TIFCh. 17 - During December, Krause Chemical Company had the...Ch. 17 - Jones Corporation uses a first-in, first-out...Ch. 17 - Kimbeth Manufacturing uses a process cost system...Ch. 17 - A company is using process costing with the...
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