InstructionsDirect materials transferred from Milling Department.15,700 units at $2.45 a unit$38,465Direct labor4,480Factory overhead1,022During July, 15,100 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,300 units, completed.Required:1. Prepare a cost of production report for the Sifting Department for July If required, round your cost per equivalent unit answers to two decimalplaces If an amount is zero, enter zero "0"2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging Refer to the Chart ofAccounts for correct wording of account titles.3. Determine the increase or decrease in the cost per equivalent Urnit from June to July for direct materials and conversion costs. If requred,round your answers to two decimal places, Chart of AccountsCost of Production ReportJournalInstructionsWhite Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From theMilling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.The balance in the account Work in Process-Sifting Department was as follows on July 1:Work in Process-Sifting Department (700 units, 3/5 completed)Direct materials (700 x $2.35)$1,645Conversion (700 x 3/5 x $0.30)126$1,771The following costs were charged to Work in Process-Sifting Department during July:Direct materials transferred from Milling Department.15,700 units at $2.45 a unit$38,465PreviousNext

Name: InstructionsDirect materials transferred from Milling Department.15,7
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Description: InstructionsDirect materials transferred from Milling Department.15,700 units at $2.45 a unit$38,465Direct labor4,480Factory overhead1,022During July, 15,100 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,300 unit

Conversion costs = Direct Labor+ Factory overhead For Beginning WIP For direct material 100% unit…

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Instructions Direct materials transferred from Milling Department: 15,700 units at $2.45 a unit $38,465 Direct labor 4,480 Factory overhead 1,022 During July, 15,100 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,300 units, completed. Required: 1. Prepare a cost of production report for the Sifting Department for July If required, round your cost per equivalent unit answers to two decimal places. If an amount is zero, enter zero "0" 2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Refer to the Chart of Accounts for correct wording of account titles. 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. If required, round your answers to two decimal places.

Instructions Direct materials transferred from Milling Department: 15,700 units at $2.45 a unit $38,465 Direct labor 4,480 Factory overhead 1,022 During July, 15,100 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,300 units, completed. Required: 1. Prepare a cost of production report for the Sifting Department for July If required, round your cost per equivalent unit answers to two decimal places. If an amount is zero, enter zero "0" 2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Refer to the Chart of Accounts for correct wording of account titles. 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. If required, round your answers to two decimal places.

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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