Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 28,800 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 17,700 Direct materials Conversion costs $ 500, 200 586,800 Total costs added $ 1,087,000 $ 28,940 32,455 $ 61,395 $ 79,095 100% 80% During September, 294,000 units were transferred in from Mixing at a cost of $166,098. The following costs were added in Refining in September. Refining finished 279,000 units in September and transferred them to Packaging. At the end of September, there were 43,800 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs transferred in from Mixing would have been $187,250 for the amount transferred in this month. Required: Prepare a production cost report for September for the Refining Department.

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
icon
Related questions
icon
Concept explainers
Topic Video
Question

Hh2.

 

Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three
departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent
complete with respect to conversion. Information for operations in September in the Refining process appear as follows.
Work in process on September 1 consisted of 28,800 units with the following costs:
Degree of
Completion
100%
Mixing costs transferred in
Costs added in Refining
Direct materials
Conversion costs
Work in process September 1
Amount
$ 17,700
Direct materials
Conversion costs
$ 500,200
586,800
Total costs added $ 1,087,000
$ 28,940
32,455
$ 61,395
$ 79,095
100%
80%
During September, 294,000 units were transferred in from Mixing at a cost of $166,098. The following costs were added in Refining in
September.
Refining finished 279,000 units in September and transferred them to Packaging. At the end of September, there were 43,800 units in
work-in-process inventory. The units were 20 percent complete with respect to conversion costs.
The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the
weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs
transferred in from Mixing would have been $187,250 for the amount transferred in this month.
Required:
Prepare a production cost report for September for the Refining Department.
Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.
Transcribed Image Text:Edwina Industrial Products (EIP) manufactures cleaning products. The Grant Street Plant produces a single product in three departments: Mixing, Refining, and Packaging. Additional materials are added in the Refining Process when units are 40 percent complete with respect to conversion. Information for operations in September in the Refining process appear as follows. Work in process on September 1 consisted of 28,800 units with the following costs: Degree of Completion 100% Mixing costs transferred in Costs added in Refining Direct materials Conversion costs Work in process September 1 Amount $ 17,700 Direct materials Conversion costs $ 500,200 586,800 Total costs added $ 1,087,000 $ 28,940 32,455 $ 61,395 $ 79,095 100% 80% During September, 294,000 units were transferred in from Mixing at a cost of $166,098. The following costs were added in Refining in September. Refining finished 279,000 units in September and transferred them to Packaging. At the end of September, there were 43,800 units in work-in-process inventory. The units were 20 percent complete with respect to conversion costs. The Refining Department uses the FIFO method of process costing. The Mixing Department at the Grant Street Plant uses the weighted-average method of process costing. If the Mixing Department at the Plant had used the FIFO method, the amount of costs transferred in from Mixing would have been $187,250 for the amount transferred in this month. Required: Prepare a production cost report for September for the Refining Department. Note: Round "Cost per equivalent unit" to 2 decimal places. Round your final answers to nearest whole number.
Flow of Production Units
Units to be accounted for:
Beginning WIP inventory
Units started this period
Total units to be accounted for
Units accounted for:
Units completed and transferred out:
From beginning inventory
Started and completed currently
Units in ending WIP inventory
Total units accounted for
Costs to be accounted for.
Costs in beginning WIP inventory
Current period costs
Total costs to be accounted for
Cost per equivalent unit:
Prior department costs
Materials
Conversion
Costs accounted for:
Costs assigned to units transferred out:
Show Transcribed Text
Costs from beginning WIP inventory
Current costs added to complete beginning WIP inventory:
Prior department costs
Materials
Conversion
Total costs from beginning inventory
Current costs of units started and completed:
Prior department costs
Materials
Conversion
Total costs of units started and completed
Total costs of units transferred out
Costs assigned to ending WIP inventory:
Prior department costs
Materials
Conversion
Total ending WIP inventory
Total costs accounted for
EDWINA INDUSTRIAL PRODUCTS
Refining Department
Production Cost Report-FIFO
Ĉ
J
Physical units Total Costs
Ć
0
0
S
S
S
S
0 $
0
Prior
Department
Costs
0
0
0
0 $
0
Materials
0 $
0 $
0
Conversion
0 $
0 $
0
0
0
Transcribed Image Text:Flow of Production Units Units to be accounted for: Beginning WIP inventory Units started this period Total units to be accounted for Units accounted for: Units completed and transferred out: From beginning inventory Started and completed currently Units in ending WIP inventory Total units accounted for Costs to be accounted for. Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit: Prior department costs Materials Conversion Costs accounted for: Costs assigned to units transferred out: Show Transcribed Text Costs from beginning WIP inventory Current costs added to complete beginning WIP inventory: Prior department costs Materials Conversion Total costs from beginning inventory Current costs of units started and completed: Prior department costs Materials Conversion Total costs of units started and completed Total costs of units transferred out Costs assigned to ending WIP inventory: Prior department costs Materials Conversion Total ending WIP inventory Total costs accounted for EDWINA INDUSTRIAL PRODUCTS Refining Department Production Cost Report-FIFO Ĉ J Physical units Total Costs Ć 0 0 S S S S 0 $ 0 Prior Department Costs 0 0 0 0 $ 0 Materials 0 $ 0 $ 0 Conversion 0 $ 0 $ 0 0 0
Expert Solution
trending now

Trending now

This is a popular solution!

steps

Step by step

Solved in 3 steps

Blurred answer
Knowledge Booster
Costing Systems
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Recommended textbooks for you
FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
Accounting
ISBN:
9781259964947
Author:
Libby
Publisher:
MCG
Accounting
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education