(Click the icon to view the data) Read the requirements Divided by Total EUP Cost per equivalent unit Costs accounted for Completed and transferred out Ending work in process slerred in costs of $1,200, direct labor of $600, and manufacturing overhead of $530 March data for the Botting Department follow evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in Mar. 31 Accounts $ Finished Goods Inventory Work-in-Process Inventory-Bottling $ 180.000 0.77 S S 119,350 $ 19.250 138.600 $ 155,000 0.18 S 27,900 S 0 27,900 S Total costs accounted for Requirement 2. Prepare the journal entry to record the cost of units completed and transferred out (Record debits first, th Date Debit 203,050 172.500 0.36 55,800 $ 203,050 6,300 25.550 62,100 S 228 600 Credit 203,050 Data table Blue Water Company Work in Process Inventory-Bottling Month Ended March 31, 2024 Beginning inventory, Mar. 1 (40% complete) Production started Transferred out Ending inventory, Mar. 31 (70% complete) Transferred Direct In Materials Units 18,000 S 162,000 155,000 25,000 Print 1,200 137,400 S Done Dollars Direct Manufacturing Total Overhead Labor Costs $ 600 S 27,900 33,500 530 S 2,330 27.470 226,270 Requirement 3. Post all transactions to the Work-in-Process Inventory Bottling T-account. What is the ending balance? Enter the beginning balance, "Bal Feb. 28, and then post all transactions to the Work-in-Process Inventory Bottling T-account using the appropriate descriptions as posting references. Calculate and enter the ending balance of the account, "Bal Mar 31", on the appropriate side of the T-account Work in Process Inventory-Bottling - X
(Click the icon to view the data) Read the requirements Divided by Total EUP Cost per equivalent unit Costs accounted for Completed and transferred out Ending work in process slerred in costs of $1,200, direct labor of $600, and manufacturing overhead of $530 March data for the Botting Department follow evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in Mar. 31 Accounts $ Finished Goods Inventory Work-in-Process Inventory-Bottling $ 180.000 0.77 S S 119,350 $ 19.250 138.600 $ 155,000 0.18 S 27,900 S 0 27,900 S Total costs accounted for Requirement 2. Prepare the journal entry to record the cost of units completed and transferred out (Record debits first, th Date Debit 203,050 172.500 0.36 55,800 $ 203,050 6,300 25.550 62,100 S 228 600 Credit 203,050 Data table Blue Water Company Work in Process Inventory-Bottling Month Ended March 31, 2024 Beginning inventory, Mar. 1 (40% complete) Production started Transferred out Ending inventory, Mar. 31 (70% complete) Transferred Direct In Materials Units 18,000 S 162,000 155,000 25,000 Print 1,200 137,400 S Done Dollars Direct Manufacturing Total Overhead Labor Costs $ 600 S 27,900 33,500 530 S 2,330 27.470 226,270 Requirement 3. Post all transactions to the Work-in-Process Inventory Bottling T-account. What is the ending balance? Enter the beginning balance, "Bal Feb. 28, and then post all transactions to the Work-in-Process Inventory Bottling T-account using the appropriate descriptions as posting references. Calculate and enter the ending balance of the account, "Bal Mar 31", on the appropriate side of the T-account Work in Process Inventory-Bottling - X
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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.
Topic Video
Question
Transcribed Image Text:Blue Water Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in
beginning Work-in-Process Inventory include transferred in costs of $1,200, direct labor of $600, and manufacturing overhead of $530 March data for the Bottling Department follow
(Click the icon to view the data.)
Read the requirements
Divided by: Total EUP
Cost per equivalent unit
Costs accounted for
Mar. 31
$
Finished Goods Inventory
Work-in-Process Inventory-Bottling
$
180,000
$
0.77 $
Completed and transferred out
Ending work-in-process
Total costs accounted for
Requirement 2. Prepare the journal entry to record the cost of units completed and transferred out. (Record debits first, th
Date
Accounts
Credit
Debit
203,050
119,350 $
19,250
138,600 S
155,000
0.18 S
Work-in-Process Inventory-Bottling
172,500
0 36
27,900 S
0
27,900 S
55,800 $ 203,050
6,300 25.550
62,100 $ 228,600
203,050
Data table
Beginning inventory, Mar. 1 (40% complete)
Production started
Transferred out
Ending inventory, Mar. 31 (70% complete)
Blue Water Company
Work in Process Inventory-Bottling
Month Ended March 31, 2024
-
Transferred Direct
In
Materials
Units
18,000 S
162,000
155,000
25,000
Print
1,200
137,400 S
Done
Dollars
Direct Manufacturing Total
Overhead
Labor
Costs
S 600 S
27,900 33,500
530 S 2,330
27,470 226,270
Requirement 3. Post all transactions to the Work-in-Process Inventory Bottling T-account. What is the ending balance?
Enter the beginning balance, "Bal. Feb. 28", and then post all transactions to the Work-in-Process Inventory Bottling T-account using the appropriate descriptions as posting references. Calculate and enter the ending balance of the account, "Bal Mar. 31", on the
appropriate side of the T-account.
- X
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