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 (3,800 units, 30% completed): Direct materials (3,800 x $10.90) $41,420 Conversion (3,800 x 30% x $7.10) 8,094 $49,514 The following costs were charged to Work in Process—Filling during January: Direct materials transferred from Reaction Department: 49,000 units at $10.70 a unit $524,300 Direct labor 185,450 Factory overhead 178,186 During January, 48,600 units of specialty chemicals were completed. Work in Process—Filling Department on January 31 was 4,200 units, 40% completed. Required: Question Content Area 1. Prepare a cost of production report for the Filling Department for January. If an amount box does not require an entry, leave it blank. If required, round your cost per equivalent unit answers to two decimal places. Dover Chemical Company Cost of Production Report-Filling Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 fill in the blank 4530160baf87001_1 Received from Reaction Department fill in the blank 4530160baf87001_2 Total units accounted for by the Filling Department fill in the blank 4530160baf87001_3 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, January 1 fill in the blank 4530160baf87001_4 fill in the blank 4530160baf87001_5 fill in the blank 4530160baf87001_6 Started and completed in January fill in the blank 4530160baf87001_7 fill in the blank 4530160baf87001_8 fill in the blank 4530160baf87001_9 Transferred to finished goods in January fill in the blank 4530160baf87001_10 fill in the blank 4530160baf87001_11 fill in the blank 4530160baf87001_12 Inventory in process, January 31 fill in the blank 4530160baf87001_13 fill in the blank 4530160baf87001_14 fill in the blank 4530160baf87001_15 Total units to be assigned costs fill in the blank 4530160baf87001_16 fill in the blank 4530160baf87001_17 fill in the blank 4530160baf87001_18 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for January in Filling Department $fill in the blank 4530160baf87001_19 $fill in the blank 4530160baf87001_20 Total equivalent units fill in the blank 4530160baf87001_21 fill in the blank 4530160baf87001_22 Cost per equivalent unit $fill in the blank 4530160baf87001_23 $fill in the blank 4530160baf87001_24 Costs charged to production: Direct Materials Conversion Total Inventory in process, January 1 $fill in the blank 4530160baf87001_25 Costs incurred in January fill in the blank 4530160baf87001_26 Total costs accounted for by the Filling Department $fill in the blank 4530160baf87001_27 Cost allocated to completed and partially completed units: Inventory in process, January 1 balance $fill in the blank 4530160baf87001_28 To complete inventory in process, January 1 $fill in the blank 4530160baf87001_29 $fill in the blank 4530160baf87001_30 fill in the blank 4530160baf87001_31 Cost of completed January 1 work in process $fill in the blank 4530160baf87001_32 Started and completed in January fill in the blank 4530160baf87001_33 fill in the blank 4530160baf87001_34 fill in the blank 4530160baf87001_35 Transferred to finished goods in January $fill in the blank 4530160baf87001_36 Inventory in process, January 31 fill in the blank 4530160baf87001_37 fill in the blank 4530160baf87001_38 fill in the blank 4530160baf87001_39 Total costs assigned by the Filling Department $fill in the blank 4530160baf87001_40 Question Content Area 2. Journalize the entries for (1) costs transferred from Reaction to Filling and (2) the costs transferred from Filling to Finished Goods. If an amount box does not require an entry, leave it blank. (1) - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - Question Content Area 3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit $fill in the blank 168026fc7f99fb6_2 Change in conversion cost per equivalent unit fill in the blank 168026fc7f99fb6_4

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 (3,800 units, 30% completed): Direct materials (3,800 x $10.90) $41,420 Conversion (3,800 x 30% x $7.10) 8,094 $49,514 The following costs were charged to Work in Process—Filling during January: Direct materials transferred from Reaction Department: 49,000 units at $10.70 a unit $524,300 Direct labor 185,450 Factory overhead 178,186 During January, 48,600 units of specialty chemicals were completed. Work in Process—Filling Department on January 31 was 4,200 units, 40% completed. Required: Question Content Area 1. Prepare a cost of production report for the Filling Department for January. If an amount box does not require an entry, leave it blank. If required, round your cost per equivalent unit answers to two decimal places. Dover Chemical Company Cost of Production Report-Filling Department For the Month Ended January 31 Unit Information Units charged to production: Inventory in process, January 1 fill in the blank 4530160baf87001_1 Received from Reaction Department fill in the blank 4530160baf87001_2 Total units accounted for by the Filling Department fill in the blank 4530160baf87001_3 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, January 1 fill in the blank 4530160baf87001_4 fill in the blank 4530160baf87001_5 fill in the blank 4530160baf87001_6 Started and completed in January fill in the blank 4530160baf87001_7 fill in the blank 4530160baf87001_8 fill in the blank 4530160baf87001_9 Transferred to finished goods in January fill in the blank 4530160baf87001_10 fill in the blank 4530160baf87001_11 fill in the blank 4530160baf87001_12 Inventory in process, January 31 fill in the blank 4530160baf87001_13 fill in the blank 4530160baf87001_14 fill in the blank 4530160baf87001_15 Total units to be assigned costs fill in the blank 4530160baf87001_16 fill in the blank 4530160baf87001_17 fill in the blank 4530160baf87001_18 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for January in Filling Department $fill in the blank 4530160baf87001_19 $fill in the blank 4530160baf87001_20 Total equivalent units fill in the blank 4530160baf87001_21 fill in the blank 4530160baf87001_22 Cost per equivalent unit $fill in the blank 4530160baf87001_23 $fill in the blank 4530160baf87001_24 Costs charged to production: Direct Materials Conversion Total Inventory in process, January 1 $fill in the blank 4530160baf87001_25 Costs incurred in January fill in the blank 4530160baf87001_26 Total costs accounted for by the Filling Department $fill in the blank 4530160baf87001_27 Cost allocated to completed and partially completed units: Inventory in process, January 1 balance $fill in the blank 4530160baf87001_28 To complete inventory in process, January 1 $fill in the blank 4530160baf87001_29 $fill in the blank 4530160baf87001_30 fill in the blank 4530160baf87001_31 Cost of completed January 1 work in process $fill in the blank 4530160baf87001_32 Started and completed in January fill in the blank 4530160baf87001_33 fill in the blank 4530160baf87001_34 fill in the blank 4530160baf87001_35 Transferred to finished goods in January $fill in the blank 4530160baf87001_36 Inventory in process, January 31 fill in the blank 4530160baf87001_37 fill in the blank 4530160baf87001_38 fill in the blank 4530160baf87001_39 Total costs assigned by the Filling Department $fill in the blank 4530160baf87001_40 Question Content Area 2. Journalize the entries for (1) costs transferred from Reaction to Filling and (2) the costs transferred from Filling to Finished Goods. If an amount box does not require an entry, leave it blank. (1) - Select - - Select - - Select - - Select - (2) - Select - - Select - - Select - - Select - Question Content Area 3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. If required, round your answers to two decimal places. Increase or Decrease Amount Change in direct materials cost per equivalent unit $fill in the blank 168026fc7f99fb6_2 Change in conversion cost per equivalent unit fill in the blank 168026fc7f99fb6_4

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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Question Content Area

1. Prepare a cost of production report for the Filling Department for January. If an amount box does not require an entry, leave it blank. If required, round your cost per equivalent unit answers to two decimal places.

Dover Chemical Company
Cost of Production Report-Filling Department
For the Month Ended January 31
Unit Information
Units charged to production:
Inventory in process, January 1	fill in the blank 4530160baf87001_1
Received from Reaction Department	fill in the blank 4530160baf87001_2
Total units accounted for by the Filling Department	fill in the blank 4530160baf87001_3
Units to be assigned costs:
		Equivalent Units
	Whole Units	Direct Materials	Conversion
Inventory in process, January 1	fill in the blank 4530160baf87001_4	fill in the blank 4530160baf87001_5	fill in the blank 4530160baf87001_6
Started and completed in January	fill in the blank 4530160baf87001_7	fill in the blank 4530160baf87001_8	fill in the blank 4530160baf87001_9
Transferred to finished goods in January	fill in the blank 4530160baf87001_10	fill in the blank 4530160baf87001_11	fill in the blank 4530160baf87001_12
Inventory in process, January 31	fill in the blank 4530160baf87001_13	fill in the blank 4530160baf87001_14	fill in the blank 4530160baf87001_15
Total units to be assigned costs	fill in the blank 4530160baf87001_16	fill in the blank 4530160baf87001_17	fill in the blank 4530160baf87001_18
Cost Information
Costs per equivalent unit:
	Direct Materials	Conversion
Total costs for January in Filling Department	$fill in the blank 4530160baf87001_19	$fill in the blank 4530160baf87001_20
Total equivalent units	fill in the blank 4530160baf87001_21	fill in the blank 4530160baf87001_22
Cost per equivalent unit	$fill in the blank 4530160baf87001_23	$fill in the blank 4530160baf87001_24
Costs charged to production:
	Direct Materials	Conversion	Total
Inventory in process, January 1			$fill in the blank 4530160baf87001_25
Costs incurred in January			fill in the blank 4530160baf87001_26
Total costs accounted for by the Filling Department			$fill in the blank 4530160baf87001_27
Cost allocated to completed and partially completed units:
Inventory in process, January 1 balance			$fill in the blank 4530160baf87001_28
To complete inventory in process, January 1	$fill in the blank 4530160baf87001_29	$fill in the blank 4530160baf87001_30	fill in the blank 4530160baf87001_31
Cost of completed January 1 work in process			$fill in the blank 4530160baf87001_32
Started and completed in January	fill in the blank 4530160baf87001_33	fill in the blank 4530160baf87001_34	fill in the blank 4530160baf87001_35
Transferred to finished goods in January			$fill in the blank 4530160baf87001_36
Inventory in process, January 31	fill in the blank 4530160baf87001_37	fill in the blank 4530160baf87001_38	fill in the blank 4530160baf87001_39
Total costs assigned by the Filling Department			$fill in the blank 4530160baf87001_40

Question Content Area

2. Journalize the entries for (1) costs transferred from Reaction to Filling and (2) the costs transferred from Filling to Finished Goods. If an amount box does not require an entry, leave it blank.

(1)	- Select -	- Select -
	- Select -	- Select -
(2)	- Select -	- Select -
	- Select -	- Select -

Question Content Area

3. Determine the increase or decrease in the cost per equivalent unit from December to January for direct materials and conversion costs. If required, round your answers to two decimal places.

	Increase or Decrease	Amount
Change in direct materials cost per equivalent unit		$fill in the blank 168026fc7f99fb6_2
Change in conversion cost per equivalent unit		fill in the blank 168026fc7f99fb6_4

4. The cost of production report may be used as the basis for allocating product costs between

and

. The report can also be used to control costs by holding each department head responsible for the units entering production and the costs incurred in the department. Any differences in unit product costs from one month to another, such as those in part (3), can be studied carefully and any significant differences investigated.

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Work in Process—Filling Department
(3,800 units, 30% completed):
	Direct materials (3,800 x $10.90)	$41,420
	Conversion (3,800 x 30% x $7.10)	8,094
	$49,514

Direct materials transferred from Reaction
	Department: 49,000 units at $10.70 a unit	$524,300
Direct labor	185,450
Factory overhead	178,186