● Question 10 Sherri Springs is a producer of flavored water. Below is the data for its production in April. Sherri Springs Work in process inventory, April 1, has 3,020 (units' equal cases): Direct Materials Direct labor 12,990 5,930 Manufacturing overhead (1,560 machine-hours at $7 per machine-hours) 10,920 29,840 Units started in April < Costs incurred in April: Direct Materials Direct labor Manufacturing overhead applied (13,840 machine-hours) UNITS Units to account for: Beginning work-in-process Started in production Total units to account for Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for The ending inventory consisted of 4,450 units. These units were: 100% complete as to materials, 50% complete as to conversion. Complete a production report using the weighted average method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations). COSTS Costs to account for: Beginning work-in-process Costs added during period Total costs to account for Divided by: Total EUP Cost per equivalent unit Costs accounted for: Completed and transferred out Ending work-in-process Total costs accounted for Sherri Springs Whole Units Transferred In Transferred. In n/a n/a n/a Sherri Springs Direct Materials Equivalent Units Direct Material * 9,030 Conversion Costs 37,300 55,960 96,880 Conversion Costs Total Costs
● Question 10 Sherri Springs is a producer of flavored water. Below is the data for its production in April. Sherri Springs Work in process inventory, April 1, has 3,020 (units' equal cases): Direct Materials Direct labor 12,990 5,930 Manufacturing overhead (1,560 machine-hours at $7 per machine-hours) 10,920 29,840 Units started in April < Costs incurred in April: Direct Materials Direct labor Manufacturing overhead applied (13,840 machine-hours) UNITS Units to account for: Beginning work-in-process Started in production Total units to account for Units accounted for: Completed and transferred out Ending work-in-process Total units accounted for The ending inventory consisted of 4,450 units. These units were: 100% complete as to materials, 50% complete as to conversion. Complete a production report using the weighted average method. (Round your answers to two decimal places when needed and use rounded answers for all future calculations). COSTS Costs to account for: Beginning work-in-process Costs added during period Total costs to account for Divided by: Total EUP Cost per equivalent unit Costs accounted for: Completed and transferred out Ending work-in-process Total costs accounted for Sherri Springs Whole Units Transferred In Transferred. In n/a n/a n/a Sherri Springs Direct Materials Equivalent Units Direct Material * 9,030 Conversion Costs 37,300 55,960 96,880 Conversion Costs Total Costs
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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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Transcribed Image Text:Question 10
Sherri Springs is a producer of flavored water. Below is the data for its production in April.
Sherri Springs
Work in process inventory, April 1, has 3,020 (units' equal cases):
Direct Materials
Direct labor
Units started in April
12,990
5,930
Manufacturing overhead (1,560 machine-hours at $7 per machine-hours) 10,920
29,840
▼
Costs incurred in April:
Direct Materials
Direct labor
Manufacturing overhead applied (13,840 machine-hours)
UNITS
< >
Units to account for:
Beginning work-in-process
Started in production
The ending inventory consisted of 4,450 units. These units were: 100% complete as to materials,
50% complete as to conversion.
Total units to account for
Units accounted for:
Completed and transferred
Complete a production report using the weighted average method.
(Round your answers to two decimal places when needed and use rounded answers for all future
calculations).
out
Ending work-in-process
Total units accounted for
COSTS
Costs to account for:
Beginning work-in-process
Costs added during period
Total costs to account for
Divided by: Total EUP
Cost per equivalent unit
Costs accounted for:
Completed and transferred
out
Ending work-in-process
Total costs accounted for
Sherri Springs
Whole
Units
Transferred
In
Transferred
In
n/a
n/a
n/a
Sherri Springs
Direct
Materials
Equivalent Units
Direct
Material
9,030
A
37,300
55,960
96,880
Conversion
Costs
Conversion
Costs
Total Costs
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