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

Equivalent units of products concept came in to existence when some units are not fully completed at…

Business

Accounting

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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how can I resolve this problem? Percent Completed Units Materials Conversion Work in process, beginning 50,000 70% 40% Started into production 265,000 Completed and transferred out 255,000 Work in process, ending 60,000 75% 25% Materials Conversion Work in process, beginning $ 16,600 $ 5,000 Cost added during June $ 178,400 $ 105,700 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
The Finishing department of Tree Company for the month of June reported the following Costs: Work in process, beg Cost from preceding department 12,000 Materials 8,400 Conversion Costs 13,680 Costs This Department Materials 518,000 Conversion Costs Cost from Preceding Dep't This Month 940,000 740,000 Quantities Work in Process, beg. Transferred in from prior department Transferred out to next department 1,000 36,800 34,500 Normal Lost Units 200 Abnormal Lost Units Percentage of completion of Work in Process Beg End Materials Conversion Cost The normal spoilage is discovered at the time of final inspection of the units as they leave the 3,000 BEG END 100% 50% 60% department and are transferred to finished goods. It is therefore assumed that the units have been fully processed in the Finishing Department. Prepare all journal entries necessary to record the production of the Finishing Department.
Units Direct Materials Conversion Percent Complete Percent Complete Beginning work in process inventory 60,000 60% 40% Units started this period 322,000 Completed and transferred out 300,000 Ending work in process inventory 82,000 80% 30% Compute the number of equivalent units of production for both direct materials and conversion for April using the weighted average method.
Costs per Equivalent Unit Wyoming Products Inc. completed and transferred 213,000 particle board units of production from the Pressing Department. There was no beginning inventory in process in the department. The ending in-process inventory was 19,000 units, which were 1/2 complete as to conversion cost. All materials are added at the beginning of the process. Direct materials cost incurred was $986,000, direct labor cost incurred was $198,250, and factory overhead applied was $46,500. Determine the following for the Pressing Department. Round "cost per equivalent unit" answers to the nearest cent. a. Total conversion cost b. Conversion cost per equivalent unit c. Direct materials cost per equivalent unit $
Using The FIFO Method of Process Costing, prepare journal entries
Cost of Units Transferred Out and Ending Work in Process The costs per equivalent unit of direct materials and conversion in the Rolling Department of Jabari Steel Company are $2.35 and $0.70, respectively. The equivalent units to be assigned costs are as follows: Inventory in process, October 1 Started and completed during October Transferred out of Rolling (completed) Inventory in process, October 31 Equivalent Units Direct Materials 0 Equivalent Units Conversion 3,200 54,000 54,000 54,000 7,000 Total units to be assigned costs 61,000 The beginning work in process inventory on October 1 had a cost of $2,080. Determine the cost of completed and transferred-out production, the ending work in process inventory, and the total costs assigned by the Rolling Department. Completed and transferred-out production Inventory in process, October 31 Total costs assigned by the Rolling Department 57,200 2,100 59,300
Equivalent Units of Conversion Costs The Rolling Department of Jabari Steel Company had 2,814 tons in beginning work in process inventory (20% complete) on October 1. During October, 40,200 tons were completed. The ending work in process inventory on October 31 was 2,010 tons (10% complete). What are the total equivalent units for conversion costs? Round to the nearest whole unit. units
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Following is a partial process cost summary for Mitchell Manufacturing's Canning Department. Equivalent Units of Production Direct Materials Conversion Units Completed and transferred out 50,000 50,000 Units in Ending Work in Process: Direct Materials (15,000 * 100%) 15,000 Conversion (15,000 * 80%) 12,000 Equivalent Units of Production 65,000 62,000 Cost per Equivalent Unit Costs of beginning work in process $40,500 $59,700 Costs incurred this period 136,000 183,100 Total costs $176,500 $242,800 Cost per equivalent unit $2.71 per EUP $3.92 per EUP The total conversion costs transferred out of the Canning Department should be: $243,040. $242,800. $176,150. $196,000. $183,100. Please dont give solutions in an image format thank you
Process Cost Journal Entries The cost of materials transferred into the Rolling Department of Keystone Steel Company is $542,500 from the Casting Department. The conversion cost for the period in the Rolling Department is $110,600 ($68,200 factory overhead applied and $42,400 direct labor). The total cost transferred to Finished Goods for the period was $632,100. The Rolling Department had a beginning inventory of $29,100. a1. Journalize the cost of transferred-in materials. a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank. a3. Journalize the costs transferred out to Finished Goods b. Determine the balance of Work in Process-Rolling at the end of the period.
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