**Requirement 2:** Compute (a) the cost of goods completed and transferred to the baking department during April and (b) the cost of work in process as of April 30, 2020.Begin by computing the cost per equivalent unit for each cost category. *(Round the cost per equivalent unit to the nearest cent.)*| | **Cake Mix** | **Flavorings** | **Conversion Costs** ||-----------------------|--------------|---------------|----------------------|| **Divide by** | | | || **Cost per equivalent unit** | | | |**Explanation:**The table consists of columns labeled "Cake Mix," "Flavorings," and "Conversion Costs." Below each column, there are two rows: "Divide by" and "Cost per equivalent unit," where users are expected to fill in the necessary values to compute the cost per equivalent unit for each category. A detailed understanding of these calculations helps in analyzing the cost of completing and transferring goods, as well as evaluating the work in process. **Data Table**- **Work in process, April 1:** 0- **Started in April:** 13,000 pounds- **Completed and transferred to baking:** 10,900 pounds**Costs:**- **Cake mix:** $32,500- **Flavorings:** $6,540- **Conversion costs:** $22,850---**More Info**The cake mix is introduced at the start of operations in the mixing department, and the flavorings are added when the product is 50% completed in the mixing department. Conversion costs are added evenly during the process. The ending work in process in the mixing department is 25% complete.

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Description: **Requirement 2:** Compute (a) the cost of goods completed and transferred to the baking department during April and (b) the cost of work in process as of April 30, 2020.Begin by computing the cost per equivalent unit for each cost category. *(Round

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Data table Work in process, April 1 Started in April Completed and transferred to baking Costs: Cake mix Flavorings Conversion costs 0 13,000 pounds 10,900 pounds $ 32,500 $ 6,540 $ 22,850 I X ba CC me ent beric

Data table Work in process, April 1 Started in April Completed and transferred to baking Costs: Cake mix Flavorings Conversion costs 0 13,000 pounds 10,900 pounds $ 32,500 $ 6,540 $ 22,850 I X ba CC me ent beric

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Equivalent Units Calculations—Weighted Average Method Ferris Corporation makes a powdered rug shampoo in two sequential departments, Compounding and Drying. Materials are added at the beginning of the process in the Compounding Department. Conversion costs are added evenly throughout each process. Ferris uses the weighted average method of process costing. In the Compounding Department, beginning work in process was 2,000 pounds (70% processed), 18,500 pounds were started in process, 18,000 pounds transferred out, and ending work in process was 30% processed. Calculate equivalent units for March 2016 for the Compounding Department. Ferris CorporationFlow of Units and Equivalent Units Calculation, March 2016 Equivalent Units % Workdone DirectMaterials % WorkDone ConversionCosts Complete/Transferred Answer Answer Answer Answer Answer Ending Inventory Answer Answer Answer Answer Answer Total Answer Answer Answer
Date ACCOUNT Work in Process-Forging Department Nov. Item 1 Bal., 900 units, 60% completed 30 Direct materials, 12,900 units 30 Direct labor 30 Factory overhead 30 Goods transferred, 2 units 30 Bal., 1,400 units, 70% completed $ Debit 123,840 21,650 16,870 $ Credit ? ACCOUNT NO. Balance Debit Direct materials cost per equivalent unit Conversion cost per equivalent unit 10,566 134,406 156,056 172,926 ? Cost per equivalent units of $9.60 for Direct Materials and $3.00 for Conversion Costs. Based on the above data, determine each of the following amounts. ? If required, round your interim calculations to two decimal places. Round final answers (a-c) to the nearest dollar. a. Cost of beginning work in process inventory completed in November. Credit b. Cost of units transferred to the next department during November. $ c. Cost of ending work in process inventory on November 30. d. Costs per equivalent unit of direct materials and conversion included in the November 1 beginning work in…
Cost of Production Report: Average Cost Method Sunrise Coffee Company roasts and packs coffee beans. The process begins in the Roasting Department. From the Roasting Department, the coffee beans are transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at December 31: ACCOUNT Work in Process—Roasting Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Dec. 1 Bal., 10,500 units, 75% completed 21,000 31 Direct materials, 210,400 units 246,800 267,800 31 Direct labor 135,700 403,500 31 Factory overhead 168,630 572,130 31 Goods transferred, 208,900 units ? ? 31 Bal., ? units, 25% completed ? Required: Prepare a cost of production report, using the average cost method, and identify the missing amounts for Work in Process—Roasting Department. If required, round your cost per equivalent unit answer to the nearest cent. Sunrise…
Cornerstone Exercise 6.8 Cost Information and FIFO Gunnison Company had the following equivalent units schedule and cost information for its Sewing Department for the month of December: Direct Materials Conversion Costs Units started and completed Add: Units in beginning work in process X Percentage complete: 5,000 x 0% direct materials 40,000 40,000 5,000 x 50% conversion costs 2,500 Add: Units in ending work in process X Percentage complete: 10,000 x 100% direct materials 10,000 x 35% conversion costs Equivalent units of output 10,000 3,500 50,000 46,000 Costs: Work in process, December 1: $ 35,000 10,000 Direct materials Conversion costs Total work in process $ 45,000 Current costs: Direct materials $400,000 Conversion costs 184,000 S584,000 Total current costs Required: 1. Calculate the unit cost for December, using the FIFO method. 2. Calculate the cost of goods transferred out, calculate the cost of EWIP, and reconcile the costs assigned with the costs to account for. 3. What if…
eBook Show Me HowPrint Item Question Content Area Costs per Equivalent Unit The following information concerns production in the Baking Department for August. All direct materials are placed in process at the beginning of production. ACCOUNT Work in Process—Baking Department ACCOUNT NO. Date Item Debit Credit Balance Debit Balance Credit August 1 Bal., 36,000 units, 3⁄4 completed 207,360 31 Direct materials, 200,000 units 450,000 657,360 31 Direct labor 207,900 865,260 31 Factory overhead 680,400 1,545,660 31 Goods finished, 196,000 units 1,361,660 184,000 31 Bal., ? units, 1⁄2 completed 184,000 a. Based on the above data, determine each cost listed below. Round "cost per equivalent unit" answers to the nearest cent. Line Item Description Amount 1. Direct materials cost per equivalent unit $fill in the blank 1 2. Conversion cost per equivalent unit $fill in the blank 2 3. Cost of the beginning work in process completed during…
In process, Nov. Stage of completion Exercise 6: Coat of Production Report - Even Application of Costa given en its August, 19H production: Quantity data: In process, August 1 8,000 units, 14 done 70,000 units 12,000 units, 23 done Placed in proces In process, August 31 Cost data: In process, August 1 Factory costs: Materials Labor Factory overhead Required: P 1,110 23,760 15,840 12,240 a Cost of production report supported by the schedule of equivalent production b. T-account for work in process.
Case 2: Consider the following data for the Assembly Department of Sink Manufacturing Company: Quantity Work in process, May 1 Started in May Completed during May Work in process, May 31 80 500 460 120 Stage of Completion Materials WIP-Beg. 90% 40% WIP-End 60% 30% Conversion Costs Cost Data: Materials P49,336 322,000 Conversion Costs Work in process, May 1 Cost added during May P9,104 139,200 The Assembly Department uses the average method of process costing. What are the equivalent units of production for direct materials and conversion costs? 5. FIFO METHOD -EUP AS TO MATERIALS: 6. FIFO METHOD -EUP AS TO CC:
Units to be Assigned Costs Question 11 Eve Cosmetics Company consists of two departments, Blending and Filling. The Filling Department received 51,800 ounces from the Blending Department. During the period, the Filling Department completed 53,200 ounces, including 3,500 ounces of work in process at the beginning of the period. The ending work in process inventory was 2,100 ounces. How many ounces were started and completed during the period?fill in the blank 1 ounces
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Weighted Average Method, Unit Cost, Valuing Inventories Applegate Enterprises produces premier raspberry jam. Output is measured in pints. Applegate uses the weighted average method. During January, Applegate had the following production data: Units in process, January 1, 60% complete 108,000 pints Units completed and transferred out 720,000 pints Units in process, January 31, 40% complete 225,000 pints Costs: Work in process, January 1 $162,000 Costs added during January 1,053,000 Required: 1. Using the weighted average method, calculate the equivalent units for January._______________equivalent units 2. Calculate the unit cost for January. Round your answer to the nearest cent.$____________ per unit