Smith Paper Co. produces the paper used by wallpaper manufacturers. Smith's four-stage process includes mixing, cooking, rolling, and cutting. During March, the Mixing Department started and completed mixing for 4,440 rolls of paper. The department started but did not finish the mixing for an additional 600 rolls, which were 20% complete with respect to both direct materials and conversion work at the end of March. Direct materials and conversion costs are incurred evenly throughout the mixing process. The Mixing Department incurred the following costs during March: (Click the icon to view the costs.) Read the requirements. Requirement 1. Prepare a production cost report for the Mixing Department for March. (Complete all answer boxes. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amount to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) Smith Paper, Co. Production Cost Report-Mixing Department Month Ended March 31 Data table Equivalent Units Whole Units Transferred In Direct Materials Conversion Work-in-Process Inventory-Mixing Costs Bal. March 1 0 Direct materials 5,700 Direct labor 590 UNITS Units to account for: Beginning work-in-process 4440 Started in production Total units to account for Units accounted for: n/a n/a n/a Total units accounted for Manufacturing overhead 6,250 Print Done
Smith Paper Co. produces the paper used by wallpaper manufacturers. Smith's four-stage process includes mixing, cooking, rolling, and cutting. During March, the Mixing Department started and completed mixing for 4,440 rolls of paper. The department started but did not finish the mixing for an additional 600 rolls, which were 20% complete with respect to both direct materials and conversion work at the end of March. Direct materials and conversion costs are incurred evenly throughout the mixing process. The Mixing Department incurred the following costs during March: (Click the icon to view the costs.) Read the requirements. Requirement 1. Prepare a production cost report for the Mixing Department for March. (Complete all answer boxes. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amount to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.) Smith Paper, Co. Production Cost Report-Mixing Department Month Ended March 31 Data table Equivalent Units Whole Units Transferred In Direct Materials Conversion Work-in-Process Inventory-Mixing Costs Bal. March 1 0 Direct materials 5,700 Direct labor 590 UNITS Units to account for: Beginning work-in-process 4440 Started in production Total units to account for Units accounted for: n/a n/a n/a Total units accounted for Manufacturing overhead 6,250 Print Done
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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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:Smith Paper Co. produces the paper used by wallpaper manufacturers. Smith's four-stage process includes mixing, cooking, rolling, and cutting. During March, the Mixing Department started and completed mixing for 4,440
rolls of paper. The department started but did not finish the mixing for an additional 600 rolls, which were 20% complete with respect to both direct materials and conversion work at the end of March. Direct materials and
conversion costs are incurred evenly throughout the mixing process. The Mixing Department incurred the following costs during March:
(Click the icon to view the costs.)
Read the requirements.
Requirement 1. Prepare a production cost report for the Mixing Department for March. (Complete all answer boxes. Enter a "0" for any zero balances. Round all cost per unit amounts to the nearest cent and all other amounts
to the nearest whole dollar. Abbreviation used: EUP = equivalent units of production.)
Smith Paper, Co.
Production Cost Report-Mixing Department
Month Ended March 31
Data table
Equivalent Units
Whole
Units
Transferred
In
Direct
Materials
Conversion
Work-in-Process Inventory-Mixing
Costs
Bal. March 1
0
Direct materials
5,700
Direct labor
590
Manufacturing overhead
6,250
UNITS
Units to account for:
Beginning work-in-process
4440
Started in production
Total units to account for
Units accounted for:
n/a
n/a
n/a
Total units accounted for
Print
Done
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