Exercise 5-11 (Algo) Comprehensive Exercise; Second Production Department-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to eparate 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 nethod in its process costing system. Data for March for the Drying Department follow: Percent Completed Units PulpingConversion 2,900 8,400 Work in process inventory, March 1 Work in process inventory, March 31 100% 100% 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 80% 75% $ 1,189 $ 667 143,400 $ 64,085 $ 39, 752 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in rom the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table s a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: . 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
Exercise 5-11 (Algo) Comprehensive Exercise; Second Production Department-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to eparate 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 nethod in its process costing system. Data for March for the Drying Department follow: Percent Completed Units PulpingConversion 2,900 8,400 Work in process inventory, March 1 Work in process inventory, March 31 100% 100% 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 80% 75% $ 1,189 $ 667 143,400 $ 64,085 $ 39, 752 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in rom the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table s a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: . 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
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Process Costing
Process costing is a sort of operation costing which is employed to determine the value of a product at each process or stage of producing process, applicable where goods produced from a series of continuous operations or procedure.
Job Costing
Job costing is adhesive costs of each and every job involved in the production processes. It is an accounting measure. It is a method which determines the cost of specific jobs, which are performed according to the consumer’s specifications. Job costing is possible only in businesses where the production is done as per the customer’s requirement. For example, some customers order to manufacture furniture as per their needs.
ABC Costing
Cost Accounting is a form of managerial accounting that helps the company in assessing the total variable cost so as to compute the cost of production. Cost accounting is generally used by the management so as to ensure better decision-making. In comparison to financial accounting, cost accounting has to follow a set standard ad can be used flexibly by the management as per their needs. The types of Cost Accounting include – Lean Accounting, Standard Costing, Marginal Costing and Activity Based Costing.
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203.
![Exercise 5-11 (Algo) Comprehensive Exercise; Second Production Department-Weighted-Average
Method [LO5-2, LO5-3, LO5-4, LO5-5]
Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the
Pulping 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
Units PulpingConversion
2,900
8,400
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%
100%
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 Required Required Required Required
1
2
3
4
5
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.
80%
75%
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.
Equivalent units of
production
$1,189
$ 667
143,400
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Pulping Conversion
151,800✔
149,700✔
$
64,085
$
39,752
< Required 1
Compute the Drying Department's equivalent units of production for pulping and
conversion in March.
Required 2 >](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fc97ca13b-22ed-42e6-9aeb-3e7f8e5214dd%2F3f13f465-7457-4bb8-ae7b-f7f314dacc3e%2Ftk1c5pn_processed.png&w=3840&q=75)
Transcribed Image Text:Exercise 5-11 (Algo) Comprehensive Exercise; Second Production Department-Weighted-Average
Method [LO5-2, LO5-3, LO5-4, LO5-5]
Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the
Pulping 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
Units PulpingConversion
2,900
8,400
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%
100%
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 Required Required Required Required
1
2
3
4
5
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.
80%
75%
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.
Equivalent units of
production
$1,189
$ 667
143,400
Answer is not complete.
Complete this question by entering your answers in the tabs below.
Pulping Conversion
151,800✔
149,700✔
$
64,085
$
39,752
< Required 1
Compute the Drying Department's equivalent units of production for pulping and
conversion in March.
Required 2 >
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