MANAGERIAL ACCT W/CONNECT >IC<
15th Edition
ISBN: 9781259405303
Author: Garrison
Publisher: MCG
expand_more
expand_more
format_list_bulleted
Concept explainers
Videos
Textbook Question
Chapter 4.A, Problem 10P
PROBLEM 4A-10 Equivalent Units of Production; Assigning Costs; Cost Reconciliation Report-FIFO Method LO4-6, LO4-7, LO4-8, LO4-9
Selzik Company makes super-premium cake mixes that to through two processing departments-Blending and Packaging. The following activity was recorded in the Blending Department during July:
Production data:
All materials are added at the beginning of work in the Blending Department. The company uses the FIFO method in its
Required:
- Calculate the Blending Department's equivalent units of production for materials and conversion for July.
- Calculate the Blending Department's cost per equivalent unit for materials and conversion for July.
- Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for July.
- Calculate the Blending Department's cost of units transferred out to the next department for materials, conversion, and in total for July.
- Prepare a cost reconciliation report for the Blending Department for July
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Please answer asap
Exercise 1: Process costingSelzik Company makes super-premium cake mixes that go through two processing departments, Blending and Packaging. The following activity was recordedin the Blending Department during July:Production data:TotalUnits in process, July 1(materials 100% complete; conversion 30% complete)10,000Units started into Production170,000Units complete and transferred to Packaging?Units in process, July 31 (materials 100% complete; conversion 40% complete)20,000Cost data:Work in process inventory, July 1:Materials cost$ 8,500Conversion cost4,900$13,400Cost added during the month:Materials cost$139,400Conversion cost244,200383,600Total Cost$397,000All materials are added at the beginning of work in the Blending Department. Required:Prepare a production report in weighted average method and FIFO method for the Blending Department for July. Use the following 3 steps as a guide in preparing your report:1.Prepare a quantity schedule and compute the equivalents units2.Compute the…
Step by step Solution plz....
Chapter 4 Solutions
MANAGERIAL ACCT W/CONNECT >IC<
Ch. 4.A - EXERCISE 4A-1 Computation of Equivalent Units of...Ch. 4.A - EXERCISE 4A-2 Cost per Equivalent Unit-FIFO Method...Ch. 4.A - EXERCISE 4A-3 Assigning Costs to Units-FIFO Method...Ch. 4.A - EXERCISE 4A-4 Cost Reconciliation Report-EIFO...Ch. 4.A - EXERCISE 4A-5 Computation of Equivalent Units of...Ch. 4.A - EXERCISE 4A-6 Equivalent Units of Production-FIFO...Ch. 4.A - EXERCISE 4A-7 Equivalent Units of Production and...Ch. 4.A -
EXERCISE 4A-8 Equivalent Units of Production—FIFO...Ch. 4.A - EXERCISE 4A-9 Equivalent Units; Equivalent Units...Ch. 4.A - PROBLEM 4A-10 Equivalent Units of Production;...
Ch. 4.A - Prob. 11PCh. 4.A - Prob. 12CCh. 4.B - Prob. 1ECh. 4.B - EXERCISE 4B-2 Step-Down Method LO4-11 Madison Park...Ch. 4.B - Prob. 3ECh. 4.B - EXERCISE 4B-4 Direct Method LO4-10 Refer to the...Ch. 4.B - Prob. 5PCh. 4.B - PROBLEM 4B-6 Step-Down Method versus Direct...Ch. 4.B - CASE 4B-7 Step-Down Method versus Direct Method...Ch. 4 - Prob. 1QCh. 4 - In what ways are job-order and process costing...Ch. 4 - Why is cost accumulation simpler in a process...Ch. 4 - How many Work in Process accounts are maintained...Ch. 4 - Prob. 5QCh. 4 - Prob. 6QCh. 4 - Prob. 7QCh. 4 - Prob. 8QCh. 4 - Prob. 1AECh. 4 - This exercise relates to the Double Diamond Skis’...Ch. 4 - This exercise relates to the Double Diamond Skis’...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 - Clopack Company manufactures one product that goes...Ch. 4 - Prob. 10F15Ch. 4 - Prob. 11F15Ch. 4 - Prob. 12F15Ch. 4 -
Clopack Company manufactures one product that...Ch. 4 - Prob. 14F15Ch. 4 - Prob. 15F15Ch. 4 - Prob. 1ECh. 4 - EXERCISE 4-2 Computation of Equivalent...Ch. 4 - Prob. 3ECh. 4 - EXERCISE 4-4 Assigning Costs to...Ch. 4 - EXERCISE 4-5 Cost Reconciliation...Ch. 4 - Prob. 6ECh. 4 - Prob. 7ECh. 4 - Prob. 8ECh. 4 -
EXERCISE 4-9 Equivalent Units and Cost per...Ch. 4 - Prob. 10ECh. 4 - Prob. 11ECh. 4 - Prob. 12ECh. 4 - Prob. 13PCh. 4 - Prob. 14PCh. 4 - Prob. 15PCh. 4 - PROBLEM 4-16 Comprehensive...Ch. 4 - Prob. 17PCh. 4 - Prob. 18PCh. 4 - Prob. 19CCh. 4 - (
CASE 4-20 Ethics and the Manager, Understanding...
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Similar questions
- Unit Information with BWIP, FIFO Method Jackson Products produces a barbeque sauce using three departments: Cooking, Mixing, and Bottling. In the Cooking Department, all materials are added at the beginning of the process. Output is measured in ounces. The production data for July are as follows: Production: Units in process, July 1, 60% complete* Units completed and transferred out Units in process, July 31, 80% complete* * With respect to conversion costs. 11,000 88,000 15,100arrow_forwardEXAMPLE 6.7 The HOW and WHY of Physical Flow Analysis and Equivalent Units: FIFO Method Information: The production of Bienestar's antihistamine product begins in the Blending Department. All materials are added at the beginning of the blending process. Output is measured in ounces. The production data for May are as follows: Production: Units in process, May 1, 70% complete* Units completed and transferred out Units in process, May 31, 40% complete* *With respect to conversion costs. 15,000 90,000 30,000 Why: The physical flow schedule traces the units in process regardless of their stage of completion and provides the information needed for preparing the equivalent units schedule. FIFO uses only current output to calculate the current-period unit cost. Thus, FIFO treats the work (equivalent output) in BWIP as belonging to the prior period and only counts the work (equivalent output for each input) done this period as part of this period's output. Required: 1. Prepare a…arrow_forwardRequirement 1. Prepare an equivalent production computation for the Shaping Department. Requirement 2. Prepare a cost of production report for the Shaping Department for the month of October 2014arrow_forward
- Dengo Co. makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory.. Units started and completed... Units completed and transferred out... Ending work in process inventory.... [continued on next page] Units 3,000 19,200 22,200 2,400 [continued from previous page] Required Direct Materials Percent Complete 100% 100% Chapter 16 Process Costing and Analysis Conversion Percent Complete 40% 80% Problem 16-7Aª FIFO: Cost per equivalent unit; costs assigned to products C2 Beginning work in process.. Costs added this period Direct materials. Conversion....... Total costs to account for... $248,400 1,082,970 $ 120,870 1,331,370 $1,452,240 1. Compute equivalent units of production for both direct materials and conversion. 2. Compute…arrow_forwardRequired information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Equivalent units of production (EUP)- FIFO method Units completed and transferred out Ending work in process Units Units 3,500 19,700 23,200 2,900 $ 271,200 1,196,910 Direct Materials Percent Complete 100% 100% Required: 1. Compute equivalent units of production for both direct materials and conversion. Conversion Percent Complete 30% % Added $ 122,270…arrow_forwardRequired information [The following information applies to the questions displayed below.] Dengo Company makes a trail mix in two departments: Roasting and Blending. Direct materials are added at the beginning of each process, and conversion costs are added evenly throughout each process. The company uses the FIFO method of process costing. October data for the Roasting department follow. Beginning work in process inventory Units started and completed Units completed and transferred out Ending work in process inventory Beginning work in process inventory Costs added this period Direct materials Conversion Total costs to account for Cost per equivalent unit of production Units + Equivalent units of production Cost per equivalent unit of production 3,500 19,700 23, 200 2,900 $ 271,200 1,196,910 Direct Materials Percent Complete 100% Materials 100% Conversion Percent Complete 30% $ 122,270 2. Compute cost per equivalent unit of production for both direct materials and conversion.…arrow_forward
- Hh1. Accountarrow_forwardEquivalent Units; Assigning Costs; Cost Reconciliation—Weighted-Average Method Superior Micro Products uses the weighted-average method in its process costing system. During January, the Delta Assembly Department completed its processing of 25,000 units and transferred them to the next department. The cost of beginning work in process inventory and the costs added during January amounted to 5599,780 in total. The ending work in process inventory in January consisted of 3,000 units, which were 80% complete with respect to materials and 60% complete with respect to labor and overhead. The costs per equivalent unit for the month were as follows: Required: 1. Compute the equivalent units of materials, labor, and overhead in the ending work in process inventory for the month. 2. Compute the cost of ending work in process inventory for materials, labor, overhead, and in total for January. 3. Compute the cost of the units transferred to the next department for materials, labor, overhead, and…arrow_forwardstep by step please. parts i-ivarrow_forward
- VloverSweet Inc. manufactures a productarrow_forwardPlease show your computations using good accounting form through excel. Thank you! Problem: Average costing, unit cost The total cost per equivalent unit transferred out for February of Dina-Tuto rounded to the nearest centavo is?arrow_forwardAccounting Use the FIFO method of process costing. Prepare schedules to accomplish each of the following process-costing steps for the month of April. l. Analysis of physical flow of units. 2. Calculation of equivalent units. 3. Computation of unit costs. 4. Analysis of total costs Moravia Company processes and packages cream cheese. The following data have been compiled for the month of April. Conversion activity occurs uniformly throughout the production process. Work in process, April 1—10,000 units: Direct material: 100% complete, cost of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 22,000 Conversion: 20% complete, cost of . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . 4,500 Balance in work in process, April 1 . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . $ 26,500 Units started during April . . . . . . . . . . . . . . . . . . . . . . . . .…arrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Managerial AccountingAccountingISBN:9781337912020Author:Carl Warren, Ph.d. Cma William B. TaylerPublisher:South-Western College Pub
Managerial Accounting: The Cornerstone of Busines...AccountingISBN:9781337115773Author:Maryanne M. Mowen, Don R. Hansen, Dan L. HeitgerPublisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...AccountingISBN:9781305970663Author:Don R. Hansen, Maryanne M. MowenPublisher:Cengage Learning
Principles of Cost AccountingAccountingISBN:9781305087408Author:Edward J. Vanderbeck, Maria R. MitchellPublisher:Cengage Learning
Excel Applications for Accounting PrinciplesAccountingISBN:9781111581565Author:Gaylord N. SmithPublisher:Cengage Learning
Managerial Accounting
Accounting
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:South-Western College Pub
Managerial Accounting: The Cornerstone of Busines...
Accounting
ISBN:9781337115773
Author:Maryanne M. Mowen, Don R. Hansen, Dan L. Heitger
Publisher:Cengage Learning
Cornerstones of Cost Management (Cornerstones Ser...
Accounting
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Cengage Learning
Principles of Cost Accounting
Accounting
ISBN:9781305087408
Author:Edward J. Vanderbeck, Maria R. Mitchell
Publisher:Cengage Learning
Excel Applications for Accounting Principles
Accounting
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Cengage Learning
Cost Accounting - Definition, Purpose, Types, How it Works?; Author: WallStreetMojo;https://www.youtube.com/watch?v=AwrwUf8vYEY;License: Standard YouTube License, CC-BY