The costs of energy consumed in producing good units in the Baking Department of Pan Company were $28,128 and $32,550 for June and July, respectively. The number of equivalent units produced in June and Julywas 58,600 pounds, and 65,100 pounds, respectively. Evaluate the change in the cost of energy between the two months.Round all answers to the nearest whole cent.Energy cost per pound, June$Energy cost per pound, July$The cost of energy has appearedby $per pound between June and July. Process Cost Journal EntriesThe cost of materials transferred into the Rolling Department of Keystone Steel Company is $554,900 from the Casting Department. The conversion cost for the period in the Rolling Department is $102,600 ($62,100factory overhead applied and $40,500 direct labor). The total cost transferred to Finished Goods for the period was $682,600. The Rolling Department had a beginning inventory of $27,300.a1. Journalize the cost of transferred-in materials.a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.a3. Journalize the costs transferred out to Finished Goods.b. Determine the balance of Work in Process-Rolling at the end of the period.

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The costs of energy consumed in producing good units in the Baking Department of Pan Company were $28,128 and $32,550 for June and July, respectively. The number of equivalent units produced in June and Jul was 58,600 pounds, and 65,100 pounds, respectively. Evaluate the change in the cost of energy between the two months. Round all answers to the nearest whole cent. Energy cost per pound, June $ Energy cost per pound, July The cost of energy has appeared by $ per pound between June and July.

The costs of energy consumed in producing good units in the Baking Department of Pan Company were $28,128 and $32,550 for June and July, respectively. The number of equivalent units produced in June and Jul was 58,600 pounds, and 65,100 pounds, respectively. Evaluate the change in the cost of energy between the two months. Round all answers to the nearest whole cent. Energy cost per pound, June $ Energy cost per pound, July The cost of energy has appeared by $ per pound between June and July.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

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Concept explainers

Variance Analysis

In layman's terms, variance analysis is an analysis of a difference between planned and actual behavior. Variance analysis is mainly used by the companies to maintain a control over a business. After analyzing differences, companies find the reasons for the variance so that the necessary steps should be taken to correct that variance.

Standard Costing

The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.

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Question

The costs of energy consumed in producing good units in the Baking Department of Pan Company were $28,128 and $32,550 for June and July, respectively. The number of equivalent units produced in June and July
was 58,600 pounds, and 65,100 pounds, respectively. Evaluate the change in the cost of energy between the two months.
Round all answers to the nearest whole cent.
Energy cost per pound, June
$
Energy cost per pound, July
$
The cost of energy has appeared
by $
per pound between June and July.

Process Cost Journal Entries
The cost of materials transferred into the Rolling Department of Keystone Steel Company is $554,900 from the Casting Department. The conversion cost for the period in the Rolling Department is $102,600 ($62,100
factory overhead applied and $40,500 direct labor). The total cost transferred to Finished Goods for the period was $682,600. The Rolling Department had a beginning inventory of $27,300.
a1. Journalize the cost of transferred-in materials.
a2. Journalize the conversion costs. If an amount box does not require an entry, leave it blank.
a3. Journalize the costs transferred out to Finished Goods.
b. Determine the balance of Work in Process-Rolling at the end of the period.

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