Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow: Percent Completed Pulping Units Conversion 3,300 4,500 Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March 100% 80% 100% 80% 2$ 1,815 2$ 1,254 163,900 $ 95,857 $ 69,096 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. 5. Prepare a cost reconciliation report for the Drying Department for March.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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1. Compute the Drying Department's equivalent units of production for pulping and conversion in March.

	Pulping	Conversion
Equivalent units of production	[ ]	[ ]

2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. (Round your answers to 2 decimal places.)

	Pulping	Conversion
Cost per equivalent unit	[ ]	[ ]

3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. (Round your intermediate calculations to 2 decimal places.)

	Pulping	Conversion	Total
Cost of ending work in process inventory	[ ]	[ ]	[ ]

4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. (Round your intermediate calculations to 2 decimal places.)

	Pulping	Conversion	Total
Cost of units completed and transferred out	[ ]	[ ]	[ ]

5. Prepare a cost reconciliation report for the Drying Department for March. (Round your intermediate calculations to 2 decimal places.)

FORMAT FOR 5 IN ATTACHED IMAGE

Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The
result is a thick slurry of fibers.
porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and
spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying
Department follow:
the Drying Department, the wet fibers transferred from the Pulping Department are laid down on
Percent Completed
Pulping
Units
Conversion
Work in process inventory, March 1
Work in process inventory, March 31
Pulping cost in work in process inventory, March 1
Conversion cost in work in process inventory, March 1
Units transferred to the next production department
Pulping cost added during March
Conversion cost added during March
3,300
4,500
100%
80%
100%
80%
$
1,815
$
1,254
163,900
$ 95,857
$ 69,096
No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping
Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet
fibers produces a set amount of dried paper that is passed on to the Finishing Department.
Required:
1. Compute the Drying Department's equivalent units of production for pulping and conversion in March.
2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March.
3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March.
4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in
March.
5. Prepare a cost reconciliation report for the Drying Department for March.
Complete this question by entering your answers in the tabs below.

Required 1
Required 2
Required 3
Required 4
Required 5
Prepare a cost reconciliation report for the Drying Department for March. (Round your intermediate calculations to 2 decimal
places.)
Drying Department
Cost Reconciliation
Costs to be accounted for:
Total cost to be accounted for
$
Costs accounted for as follows:
Total cost accounted for
$
< Required 4
Required 5 >

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