Answered: Sherri Springs is a producer of…

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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Question

Sherri Springs is a producer of flavored water. Below is the data for its production in April.

Description	Amount
Subcategory,Work in process inventory, April 1, has 3,060 (units' equal cases):
Direct Materials	12,140
Direct labor	6,010
Manufacturing overhead (1,440 machine-hours at $6 per machine-hours)	8,640Single line
	Single line26,790Double line

Subcategory,
Units started in April	9,080

Subcategory,Costs incurred in April:
Direct Materials	37,000
Direct labor	54,340
Manufacturing overhead applied (13,610 machine-hours)	81,660

The ending inventory consisted of 4,430 units. These units were: 100% complete as to materials, 70% 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
◄
Transferred
In
Sherri Springs
Direct Materials Conversion Costs
12,140✓
37,000 ✓
49,140✔
12,140 ✓
4.05✔
31,208 X
17,932 X
49,140 X
14,650 ✓
136,000 ✓
150,650 ✓
10,811 ✓
13.93✔
107,438 X
43,212 X
150,650 X
Total Costs
26,790 ✓
173,000 ✓
199,790✔
17.98✓
138,646 X
61,144 X
199,790 X

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