DirectMaterials ConversionTotalInventory in process, March 1$2,200$525$2,725Costs incurred in March77,425Total costs accounted for by the Mixing Department$80,150Cost allocated to completed and partially completed units:Inventory in process, March 1-balance$2,725To complete inventory in process, March 11,2351,235Cost of completed March 1 work in process$3,960Started and completed in March37,45033,25070,700Transferred to Baking Department in March$Inventory in process,March 313,2102,280Total costs assigned by the Mixing Department Grainy Goodness CompanyGrainy Goodness Company manufactures granola cereal by a series of three processes, beginning materials such as oats, sweeteners, and nuts being introduced in theMixing Department. From the Mixing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready forshipment to retail outlets. Direct materials are added at the beginning of each process, and conversion costs are incurred evenly throughout production in eachdepartment.During March, the President and sole stockholder, Jonathan Groat, reviewed the Cost of Production Report for the Mixing Department. He is concerned that the MixingDepartment may not be operating efficiently, and asks for your help.Cost of ProductionJonathan has noticed that his production manager has omitted some of the data on the Cost of Production. Determine the missing information. If there is no amount oran amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required.Grainy Goodness CompanyCost of Production Report-Mixing DepartmentFor the Month Ended March 31Unit InformationUnits charged to production:Inventory in process, March 12,000Received from materials storeroom38,000Total units accounted for by the Mixing Department40,000Units to be assigned costs:Equivalent UnitsWholeDirectUnitsMaterialsConversion

Total Cost assigned by the Mixing department = Transferred to baking department + Ending inventory…

Direct Materials Conversion Total Inventory in process, March 1 $2,200 $525 $2,725 Costs incurred in March 77,425 Total costs accounted for by the Mixing Department $80,150 Cost allocated to completed and partially completed units: Inventory in process, March 1-balance $2,725 To complete inventory in process, March 1 1,235 1,235 Cost of completed March 1 work in process $3,960 Started and completed in March 37,450 33,250 70,700 Transferred to Baking Department in March Inventory in process, March 31 3,210 2,280 Total costs assigned by the Mixing Department

Direct Materials Conversion Total Inventory in process, March 1 $2,200 $525 $2,725 Costs incurred in March 77,425 Total costs accounted for by the Mixing Department $80,150 Cost allocated to completed and partially completed units: Inventory in process, March 1-balance $2,725 To complete inventory in process, March 1 1,235 1,235 Cost of completed March 1 work in process $3,960 Started and completed in March 37,450 33,250 70,700 Transferred to Baking Department in March Inventory in process, March 31 3,210 2,280 Total costs assigned by the Mixing Department

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Required information [The following information applies to the questions displayed below.] The first production department of Stone Incorporated reports the following for April. Beginning work in process inventory Units started this period Completed and transferred out Ending work in process inventory Units 67,000 357,000 335,000 89,000 Completed and transferred out Ending work in process Total Direct Materials Percent Units 335,000 89,000 424.000 Complete Percent Complete 70% 30% 85% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method. Conversion Equivalent units of production: Weighted average method Direct Materials Percent Complete 85% 35% EUP Percent Complete Conversion EUP
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