Mandy Industries is a manufacturer of cleaning products. Its main product goes through two departments: Mixing and Bottling. During June, the beginning WIP in the Mixing department was 32% complete as to conversion cost. The beginning inventory included $15,200 for materials and $19,800 for conversion costs. Ending WIP in the Mixing department was 80% complete. All direct materials are added at the beginning of the process in each department. Inspection occurs at the end of the process in both departments. Normal spoilage is 2.5% of good output in Mixing and 1.4% of good output in Bottling. Beginning WIP in Bottling was 60% complete with respect to conversion costs and ending WIP was 309% converted. Beginning WIP included $8,850 for direct materials, $72,200 for transferred costs and $23,800 for conversion costs. Additional information follows: Mixing Bottling Beginning work-in-process units 45,000 42,000 Units started this period 130,000 Units transferred this period 159,000 187,000 Ending work-in-process units 9,800 10,600 Material costs added $45,500 $35,000 Conversion costs added $209,650 $154,910 Required: Prepare a production cost worksheet using weighted-average for the Mixing department

Mandy Industries is a manufacturer of cleaning products. Its main product goes through two departments: Mixing and Bottling. During June, the beginning WIP in the Mixing department was 32% complete as to conversion cost. The beginning inventory included $15,200 for materials and $19,800 for conversion costs. Ending WIP in the Mixing department was 80% complete. All direct materials are added at the beginning of the process in each department. Inspection occurs at the end of the process in both departments. Normal spoilage is 2.5% of good output in Mixing and 1.4% of good output in Bottling. Beginning WIP in Bottling was 60% complete with respect to conversion costs and ending WIP was 309% converted. Beginning WIP included $8,850 for direct materials, $72,200 for transferred costs and $23,800 for conversion costs. Additional information follows: Mixing Bottling Beginning work-in-process units 45,000 42,000 Units started this period 130,000 Units transferred this period 159,000 187,000 Ending work-in-process units 9,800 10,600 Material costs added $45,500 $35,000 Conversion costs added $209,650 $154,910 Required: Prepare a production cost worksheet using weighted-average for the Mixing department

Name: Mandy Industries is a manufacturer of cleaning prođucts. Its main pro
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Description: Mandy Industries is a manufacturer of cleaning prođucts. Its main product goes through twodepartments: Mixing and Bottling. During June, the beginning WIP in the Mixing đepartmentwas 32% complete as to conversion cost. The beginning inventory incluđ

FINANCIAL ACCOUNTING

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ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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Concept explainers

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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Question

Mandy Industries is a manufacturer of cleaning prođucts. Its main product goes through two
departments: Mixing and Bottling. During June, the beginning WIP in the Mixing đepartment
was 32% complete as to conversion cost. The beginning inventory incluđed $15,200 for
materials and $19,800 for conversion costs. Ending WIP in the Mixing department was 80%
complete. All direct materials are added at the beginning of the process in each đepartment.
Inspection occurs at the end of the process in both departments. Normal spoilage is 2.5% of
good output in Mixing and 1.4% of good output in Bottling. Beginning WIP in Bottling was
60% complete with respect to conversion costs and ending WIP was 30% converted.
Beginning WIP included $8,850 for đirect materials, $72,200 for transferred costs and
$23,800 for conversion costs. Additional information follows:
Mixing
Bottling
Beginning work-in-process units 45,000
42,000
Units started this period
130,000
Units transferred this period
159,000
187,000
Ending work-in-process units
9,800
10,600
Material costs added
$45,500
$35,000
Conversion costs added
$209,650
$154,910
Required:
Prepare a production cost worksheet using weighted-average for the Mixing department

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