Calculate Equivalent Units, Unit Costs, and Transferred Costs-Weighted Average Method Godfrey Manufacturing, inc., operates a plant that produces its own regionally-marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the weighted average method. The following data from the Work in Process -Blending Department account for January is missing a few items: Work in Process-Blending Department January 1 inventory (5.000 gallons, 60% processed) Direct material Conversion costs Transferred to Bottling Department (60,000 gallons) $21,600 10,620 January charges Direct material (61.000 galons) 274,500 Direct labor 132,480 Manufacturing overhead 87,8401 January 31 inventory [? gallons. 70% processed] Required Assuming Godfrey uses the weighted average method in process costing, calculate the following amounts for the Blending Department: a. Number of units in the January 31 inventory. b. Equivalent units for materials and conversion costs. c. January cost per equivalent unit for materials and conversion costs. d. Cost of the units transferred to the Bottling Department. e. Cost of the incompl Page 7 January 31 Inventory Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Godfrey Manufacturing,Inc. Blending Department Flow of Units and Equivalent Units Calculation, January CompletarTransferred Ending Inventory d. Toral Beginning Inventory Current Equivalent Units % Work done Direct Materials % Work Done Conversion Costs Product Cost Report Total Costs to Account For Total Equivalent Units Average cost/Equivalent units (round four decimal places) Complete / Transferred: Direct Materials Conversion Costs $ $ $ $ S $ Direct Materials $ Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials $ d. $ Conversion costs Cost of Ending Inventory $ C Total Costs Allocated $ Check

Calculate Equivalent Units, Unit Costs, and Transferred Costs-Weighted Average Method Godfrey Manufacturing, inc., operates a plant that produces its own regionally-marketed Spicy Steak Sauce. The sauce is produced in two processes, blending and bottling. In the Blending Department, all materials are added at the start of the process, and labor and overhead are incurred evenly throughout the process. Godfrey uses the weighted average method. The following data from the Work in Process -Blending Department account for January is missing a few items: Work in Process-Blending Department January 1 inventory (5.000 gallons, 60% processed) Direct material Conversion costs Transferred to Bottling Department (60,000 gallons) $21,600 10,620 January charges Direct material (61.000 galons) 274,500 Direct labor 132,480 Manufacturing overhead 87,8401 January 31 inventory [? gallons. 70% processed] Required Assuming Godfrey uses the weighted average method in process costing, calculate the following amounts for the Blending Department: a. Number of units in the January 31 inventory. b. Equivalent units for materials and conversion costs. c. January cost per equivalent unit for materials and conversion costs. d. Cost of the units transferred to the Bottling Department. e. Cost of the incompl Page 7 January 31 Inventory Round average cost per equivalent unit to four decimal places. Use rounded answers for subsequent calculations. Round other answers to the nearest whole number. Godfrey Manufacturing,Inc. Blending Department Flow of Units and Equivalent Units Calculation, January CompletarTransferred Ending Inventory d. Toral Beginning Inventory Current Equivalent Units % Work done Direct Materials % Work Done Conversion Costs Product Cost Report Total Costs to Account For Total Equivalent Units Average cost/Equivalent units (round four decimal places) Complete / Transferred: Direct Materials Conversion Costs $ $ $ $ S $ Direct Materials $ Conversion costs Cost of Goods Manufactured Ending Inventory: Direct Materials $ d. $ Conversion costs Cost of Ending Inventory $ C Total Costs Allocated $ Check

Cornerstones of Cost Management (Cornerstones Series)

4th Edition

ISBN:9781305970663

Author:Don R. Hansen, Maryanne M. Mowen

Publisher:Don R. Hansen, Maryanne M. Mowen

Chapter6: Process Costing

Section: Chapter Questions

Problem 14E: Lacy, Inc., produces a subassembly used in the production of hydraulic cylinders. The subassemblies...

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