Cost of Production Report: Average Cost MethodBlue Ribbon Flour Company manufactures flour by a series of three processes, beginning in the Milling Department. From the MillingDepartment, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.The balance in the account Work in Process-Sifting Department was as follows on May 1:Work in Process-Sifting Department (1,500 units, 75% completed)$3,400The following costs were charged to Work in Process-Sifting Department during May:Direct materials transferred from Milling Department: 18,300 units$32,600Direct labor14,560Factory overhead7,490During May, 18,000 units of flour were completed and transferred to finished goods. Work in Process-Sifting Department on May 31 was 1,800units, 75% completed.Required:Prepare a cost of production report for the Sifting Department for May, using the average cost method.Blue Ribbon Flour CompanyCost of Production Report-Sifting DepartmentFor the Month Ended May 31

Production cost report: A production cost report is a comprehensive report prepared for each…

Answered: Cost of Production Report: Average Cost…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Instructions Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Dining, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $371,000, $142,000, and $98,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29.200, and work in process at the end of the period totaled $28.400 Required: a (1) On September 30, journalize the entry to record the flow of costs into the Refining Department during the period for direct materials (2) a) On September 30, joumalize the entry to record the flow of costs into the Refining Department during the period for direct labor." On September 30, joumalize the entry to record the flow of costs into the Refining Department during the period for factory overhead b. On September 30, joumalize the entry to record the transfer of production costs to…
The charges to Work in Process—Assembly Department for a period, together with information concerning production, are as follows. All direct materials are placed in process at the beginning of production. Work in Process-Assembly Department Bal., 3,000 units, 50% completed 9,150 To Finished Goods, 69,000 units ? Direct materials, 71,000 units @ $2.1 149,100 Direct labor 100,100 Factory overhead 38,900 Bal. ? units, 40% completed ? Determine the following: a. The number of units in work in process inventory at the end of the period. units b. Equivalent units of production for direct materials and conversion. If an amount is zero or a blank, enter in "0". Work in Process-Assembly Department Equivalent Units of Production for Direct Materials and Conversion Costs Whole Units Equivalent UnitsDirect Materials Equivalent UnitsConversion Inventory in process, beginning Started and completed Transferred to…
Entries for Flow of Factory Costs for Process Costing Keoni Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $522,500, $182,900, and $120,200, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,300, and work in process at the end of the period totaled $36,100. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. 2. 3. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.
So I have to finish the Cost of production Report, as you can see I need help with the cost sections below on my report. See attached photo of my work in progress for this report
White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process—Sifting Department was as follows on July 1:Work in Process—Sifting Department (900 units, 3/5 completed) on July 1Cost Source Dollar AmountDirect Materials (900 x $3.15) $2,835Conversion (900 x 3/5 x $0.30) 162Total Materials and Conversion 2,997The following costs were charged to Work in Process—Sifting Department during July:Work in Process—Sifting DepartmentCost Source Dollar AmountDirect materials transferred from Milling Department: 15,700 units at $2.30 a unit $36,110Direct Labor 5,420Factory Overhead 2,384During July, 15,500 units of flour were completed. Work in Process—Sifting Department on July 31 was 1,100 units, 4/5 completed.Instructionsa. Prepare a cost…
Equivalent Units and Related Costs; Cost of Production Report; Entries Dover Chemical Company manufactures specialty chemicals by a series of three processes, all materials being introduced in the Distilling Department. From the Distilling Department, the materials pass through the Reaction and Filling departments, emerging as finished chemicals. The balance in the account Work in Process—Filling was as follows on January 1: Work in Process—Filling Department (3,100 units, 60% completed): Direct materials (3,100 x $18.1) $56,110 Conversion (3,100 x 60% x $11.7) 21,762 $77,872 The following costs were charged to Work in Process—Filling during January: Direct materials transferred from Reaction Department: 40,000 units at $17.8 a unit $712,000 Direct labor 250,310 Factory overhead 240,490 During January, 39,700 units of specialty chemicals were completed. Work in Process—Filling Department on January 31 was 3,400 units, 90% completed. Required:…
Entries for Flow of Factory Costs for Process Cost System Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $527,700, $184,700, and $121,400, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $29,600, and work in process at the end of the period totaled $36,400. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. Work in Process-Refining Department. ✓ 284,500 X Materials 2. Work in Process-Refining Department Wages Payable Feedback ✓ 3. Work in Process-Refining Department -✓ Factory Overhead-Refining Department Feedback ✓ - ✓ Feedback…
Entries for Flow of Factory Costs for Process Cost System Radford Inc. manufactures a sugar product by a continuous process, involving three production departments-Refining, Sifting, and Packing. Assume that records indicate that direct materials, direct labor, and applied factory overhead for the first department, Refining, were $605,000, $211,800, and $139,200, respectively. Also, work in process in the Refining Department at the beginning of the period totaled $33,900, and work in process at the end of the period totaled $41,700. a. Journalize the entries to record the flow of costs into the Refining Department during the period for (1) direct materials, (2) direct labor, and (3) factory overhead. If an amount box does not require an entry, leave it blank. 1. 2. 3. b. Journalize the entry to record the transfer of production costs to the second department, Sifting. If an amount box does not require an entry, leave it blank.
Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process—Filling on April 1 and debits to the account during April were as follows:Bal., 800 units, 30% completed:Direct materials (800 × $4.30) $ 3,440Conversion (800 × 30% × $1.75) 420 $ 3,860From Cooking Department, 7,800 units $34,320Direct labor 8,562Factory overhead 6,387During April, 800 units in process on April 1 were completed, and of the 7,800 units entering the department, all were completed except 550 units that were 90% completed.Charges to Work in Process—Filling for May were as follows:From…
Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Degree of Amount Completion Prior department costs transferred in from the Extruding Department Costs added by the Fabricating Department Direct materials Direct labor Manufacturing overhead Work in process, September 1 Direct materials Direct labor Manufacturing overhead Total costs added During September, 75,000 units were transferred in from the Extruding Department at a cost of $356,250. The Fabricating Department added the following costs: $ 214, 200 64,800 33,480 $ 312,480 Manufacturing overhead Direct materials. 100% Direct labor 60 50 $ 75,750 $36,000 9,300 8,520 $ 53,820 $…
Quality Brick Company produces bricks in two processing departments-Molding and Firing. Information relating to the company's operations in March follows: a. Raw materials used in production: Molding Department, $27,200; and Firing Department, $4,700. b. Direct labor costs incurred: Molding Department, $19,400; and Firing Department, $5,700. c. Manufacturing overhead was applied: Molding Department, $24,900; and Firing Department, $39,600. d. Unfired, molded bricks were transferred from the Molding Department to the Firing Department. According to the company's process costing system, the cost of the unfired, molded bricks was $67,800. e. Finished bricks were transferred from the Firing Department to the finished goods warehouse. According to the company's process costing system, the cost of the finished bricks was $109,300. f. Finished bricks were sold to customers. According to the company's process costing system, the cost of the finished bricks sold was $103,300. Required: Prepare…
Sunland Furniture Company manufactures living room furniture through two departments: Framing and Upholstering. The company uses the weighted-average method. Materials are entered at the beginning of each process. For May, the following cost data are obtained from the two work in process accounts. Work in process, May 1 Materials Conversion costs Costs transferred in Costs transferred out Work in process, May 31 (a) Framing 407,000 Save for Later $0 168.000 Answer the following questions. 320,000 0 114,000 Unit cost of materials for May Upholstering $ $? ? 320,000 320,000 If 3,700 sofas were started into production on May 1 and 2,000 sofas were transferred to Upholstering, what was the unit cost of materials for May in the Framing Department? ? ? Attempts: 0 of 1 used Submit Answer

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