Sandhill Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is shown as follows. (a) Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, eg 2.25 and other answers to 0 decimal places, eg. 125) SANDHILL PROCESSING COMPANY Mixing and Cooking Department Production Cost Report Quantities Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) Started into production Total units Units accounted for Transferred out Work in process, October 31 (60% materials, 40% conversion costs) Total units accounted for Costs Unit costs Total Costs Equivalent units Unit costs Costs to be accounted for Work in process, October 1 Started into production Total costs Physical Units 22,000 165,000 187,000 132,000 55.000 187,000 Materials Materials Equivalent Units $231.000 Conversion Costs Conversion Costs $138,600 Total $369,600 $33,000 336,600 $369,600
Sandhill Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is shown as follows. (a) Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, eg 2.25 and other answers to 0 decimal places, eg. 125) SANDHILL PROCESSING COMPANY Mixing and Cooking Department Production Cost Report Quantities Units to be accounted for Work in process, October 1 (all materials, 70% conversion costs) Started into production Total units Units accounted for Transferred out Work in process, October 31 (60% materials, 40% conversion costs) Total units accounted for Costs Unit costs Total Costs Equivalent units Unit costs Costs to be accounted for Work in process, October 1 Started into production Total costs Physical Units 22,000 165,000 187,000 132,000 55.000 187,000 Materials Materials Equivalent Units $231.000 Conversion Costs Conversion Costs $138,600 Total $369,600 $33,000 336,600 $369,600
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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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:Sandhill Processing Company uses a weighted-average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is shown as follows.
(a)
Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for" equivalent units section shown in the production cost report, and compute October unit costs. (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to O decimal places, e.g. 125.)
Quantities
Units to be accounted for
Work in process, October 1
(all materials, 70% conversion costs)
Started into production
Total units
Units accounted for
Transferred out
Work in process, October 31
(60% materials, 40% conversion costs)
Total units accounted for
Costs
Unit costs
Total Costs
Equivalent units
Unit costs
Costs to be accounted for
Work in process, October 1
Started into production
Total costs
Physical
Units
22,000
165,000
187,000
132,000
55,000
187,000
SANDHILL PROCESSING COMPANY
Mixing and Cooking Department
Production Cost Report
$
Materials
Materials
Equivalent Units
$231,000
+ $
Conversion
Costs
Conversion
Costs
$138,600
$
Total
$369,600
$33,000
336,600
$369,600
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