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 Inventory in process, March 1 (35% completed)2,000Started and completed in March35,00035,00035,000Transferred to Baking Department in March37,000Inventory in process, March 31 (80% completed)3,000Total units to be assigned costs40,000Cost InformationCost per equivalent unit:DirectMaterialsConversionTotal costs for March in Mixing Department$40,660$36,765Total equivalent unitsCost per equivalent unitCosts assigned to production:

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Description: 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 pas

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Inventory in process, March 1 (35% completed) 2,000 Started and completed in March 35,000 35,000 35,000 Transferred to Baking Department in March 37,000 Inventory in process, March 31 (80% completed) 3,000 Total units to be assigned costs 40,000 Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for March in Mixing Department $40,660 $36,765 Total equivalent units Cost per equivalent unit $ $

Inventory in process, March 1 (35% completed) 2,000 Started and completed in March 35,000 35,000 35,000 Transferred to Baking Department in March 37,000 Inventory in process, March 31 (80% completed) 3,000 Total units to be assigned costs 40,000 Cost Information Cost per equivalent unit: Direct Materials Conversion Total costs for March in Mixing Department $40,660 $36,765 Total equivalent units Cost per equivalent unit $ $

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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