Prepare a production cost report for the Blending Department for the month of October. (Enter cost per equivalent units to the nearest cent. Abbreviations: EUP = Equivalent Units of Production.) Please include explanations. The blending department for colored paint started October with 750 gallons in process and started in production 9,250 gallons. During the month, 8,750 gallons were completed and transferred to the next department. Ending work in process was 1,250 gallons (75% complete with respect to direct materials and 55% complete for conversion costs). The department uses the weighted average method. The blending department incurred the following costs:**Data Table:**- Beginning WIP—Direct material costs: $920- Beginning WIP—Conversion costs: $2,428- Direct materials added during the month: $5,020- Conversion costs added during the month: $3,700- **Total costs: $12,068**

Name: Prepare a production cost report for the Blending Department for the m
Uploaded: 2024-03-20T06:32:49.000Z
Channel: Bartleby
Description: Prepare a production cost report for the Blending Department for the month of October. (Enter cost per equivalent units to the nearest cent. Abbreviations: EUP = Equivalent Units of Production.) Please include explanations. The blending department fo

The production cost report sums up the production and cost movement inside an office for a detailing…

Answered: Data Table Beginning WIP-Direct…

Business

Accounting

Data Table Beginning WIP-Direct material costs 24 920 Beginning WIP-Conversion costs 2,428 Direct materials added during the month 5,020 3,700 Conversion costs added during the month 12,068 Total

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

8. Panay Company has a cycle of 3 days, uses a Raw and In Process Account (RIP) and charges all conversion costs to cost of goods sold. At the end of each month, all inventories are counted, conversion costs components are estimated and inventory account balances are adjusted. Raw material cost is backflushed from Raw and in Process (RIP) Account to finished goods. The following information is provided for the month of June: Beginning Balance of RIP account, including Php 1,000 conversion cost 5,000.00; Beginning Balance of Finished goods account including Php 6,000.00 conversion cost Php 10,000.00; Raw materials received on credit Php 400,000.00; Direct Labor cost Php 300,000.00; Factory overhead applied Php 500,000.00; Ending RIP inventory per physical count, including Php 7,000.00 conversion cost Php 20,000.00; Ending Finished Goods inventory per physical count, including Php 4,000.00 conversion cost Php 6,000.00 What is the amount of direct materials backflushed from RIP to…
You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Read the requirements. Requirement 1. Compute the Blending Department's equivalent units of production for direct materials and for conversion costs. (Complete all input fields. Enter a "0" for any zero balances.) You Can Paint Too Production Cost Report - Blending Department (Partial) Month Ended May 31 UNITS Units to account for: Total units to account for Units accounted for: Total units accounted for Requirements 1. 2. Physical Units Equivalent Units Direct Materials Conversion Costs Compute the Blending Department's equivalent…
4. Using the following terms, prepare the worksheet to show the calculation to answer the question: Units completed and transferred out Cost per material Cost per conversion Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: There were 1,700 units in beginning inventory that were 40% complete with regard to conversion. During the month, 8,550 units were started and 9,000 were transferred to finished goods. The ending work in process was 60% complete with regard to conversion costs, and materials are added at the beginning of the process. What is the total amount of equivalent units for materials and conversion at the end of the month using the weighted-average method? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Units to Account For: Units ? ? ? ? ? ? Units Accounted For: Total…
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 (3,000 units, 70% completed): Direct materials (3,000 x $10.20) Conversion (3,000 x 70% x $6.50) $30,600 13,650 $44,250 The following costs were charged to Work in Process-Filling during January: Direct materials transferred from Reaction Department: 38,700 units at $9.90 a unit Direct labor Factory overhead During January, 38,400 units of specialty chemicals were completed. Work in Process-Filling Department on January 31 was 3,300 units, 50% completed. Required: 1. Prepare a cost of production report for the Filling Department…
The first production department of Stone Incorporated reports the following for April. Direct Materials Percent Complete 75% Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 73,000 387,000 365,000 95,000 85% Conversion Percent Complete 25% 35%
Please help me this question in same format.....
Please refer to the attached images.
Please help me with this
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
Compute the total costs of the units (gallons) (a) completed and transferred out to the Packaging Department, and (b) in the Department ending Work-in-Process Inventory. Complete the Production Cost Report that you began in Requirement 1 by calculating the costs per equivalent unit in this step, and then by calculating the the total cost of units completed and transferred out and of units in ending inventory in the following step. (Complete all input fields. Enter a "0" for any zero balances. Round the cost per equivalent unit amounts to the nearest cent and all other amounts to the nearest dollar. Abbreviation used: EUP = equivalent units of production.)
Using the following terms and following the format in the textbook, prepare the worksheet to show the calculation to answer the question: Units completed and transferred Cost per material Cost per conversion out Equivalent units conversion Beginning inventory Units started in production Total units to account for Total work in process Ending inventory Units transferred in Total units accounted for Costs to account for Question: How many units were started into production in a period if there were zero units of beginning work in process inventory, 1,100 units in ending work in process inventory, and 21,500 completed and transferred out units? PLEASE NOTE: For units, use commas as needed (i.e. 1,234). Term Units
I need to finish with these three questions and need help please. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. 2. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. 3.Discuss the uses of the cost of production report and the results of part (c).