You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Read the requirements. Requirement 1. Compute the Blending Department's equivalent units of production for direct materials and for conversion costs. (Complete all input fields. Enter a "0" for any zero balances.) You Can Paint Too Production Cost Report - Blending Department (Partial) Month Ended May 31 UNITS Units to account for: Total units to account for Units accounted for: Total units accounted for Requirements Physical Units 2. Equivalent Units Direct Materials Conversion Costs 1. Compute the Blending Department's equivalent units of production for direct materials and for conversion costs. Compute the total costs of the units (gallons) a. completed and transferred out to the Packaging Department. b. in the Blending Department ending Work-in-Process Inventory. - X Data table Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Work-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May: Direct materials Direct labor Manufacturing overhead allocated Total costs added during May Print Done 0 gallons 9,000 gallons 4,000 gallons 5,000 gallons $ $ 0 6,750 1,300 2,000 10,050
You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May.) Read the requirements. Requirement 1. Compute the Blending Department's equivalent units of production for direct materials and for conversion costs. (Complete all input fields. Enter a "0" for any zero balances.) You Can Paint Too Production Cost Report - Blending Department (Partial) Month Ended May 31 UNITS Units to account for: Total units to account for Units accounted for: Total units accounted for Requirements Physical Units 2. Equivalent Units Direct Materials Conversion Costs 1. Compute the Blending Department's equivalent units of production for direct materials and for conversion costs. Compute the total costs of the units (gallons) a. completed and transferred out to the Packaging Department. b. in the Blending Department ending Work-in-Process Inventory. - X Data table Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Work-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May: Direct materials Direct labor Manufacturing overhead allocated Total costs added during May Print Done 0 gallons 9,000 gallons 4,000 gallons 5,000 gallons $ $ 0 6,750 1,300 2,000 10,050
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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Question
Transcribed Image Text:You Can Paint Too prepares and packages paint products. You Can Paint Too has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging
process (cans). Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows:
(Click the icon to view the data from May.)
Read the requirements.
Requirement 1. Compute the Blending Department's equivalent units of production for direct materials and for conversion costs. (Complete all input fields. Enter a "0" for any zero balances.)
You Can Paint Too
Production Cost Report - Blending Department (Partial)
Month Ended May 31
UNITS
Units to account for:
Total units to account for
Units accounted for:
Total units accounted for
Requirements
1.
2.
Physical
Units
Equivalent Units
Direct
Materials
Conversion
Costs
Compute the Blending Department's equivalent units of production for direct
materials and for conversion costs.
Compute the total costs of the units (gallons)
a. completed and transferred out to the Packaging Department.
b. in the Blending Department ending Work-in-Process Inventory.
-
X
Data table
Gallons
Beginning Work-in-Process Inventory
Started in production
Completed and transferred out to Packaging in May
Ending Work-in-Process Inventory (30% of the way
through the blending process)
Costs
Beginning Work-in-Process Inventory
Costs added during May:
Direct materials
Direct labor
Manufacturing overhead allocated
Total costs added during May
Print
Done
0 gallons
9,000 gallons
4,000 gallons
5,000 gallons
0
6,750
1,300
2,000
10,050
I
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