1 D Problem 3: Process Costing Yummy Chips produces baked potato chips using two processes: Baking and Packaging The company's accountant has produced the following process costing data for February 20YY: 2 3 4 5 Yummy Chips - Process costing data for February 20' Baking Dept PackagingDept. 6 7 9 1,500 1,500 17,200 See Baking 16,700 15,000 100% 60% 10% 75% Units information (i.e. pounds of product) 8 Beginning Work in progress (WIP) (in pounds) Units started in production this month (in pounds) 10 Units/gallons completed & transferred out during the moni 11 Completion percentage at end of month: 12 Ending WIP, direct materials added (%) 13 Ending WIP, conversion work performed (%) 14 15 Costs information 16 Beginning WIP, costs added in prior periods: 17 Transferred in costs 18 Direct materials 19 Conversion cost direct labor Conversion cost: overhead applied Costs added to process in February 20YY: Direct materials Conversion cost direct labor Conversion cost overhead applied $ $ 6,000 6,500 2,100 33,000 9,250 12.125 40.000 20 21 22 23 68,800 69,200 29,600 62,500 20,000 24 25 67,000 3 26 Required: 27 Using the weighted average method and the template below, 28 prepare the process costing report for the Baking Department for February 20YY. 29 30 Yummy Chips: Baking Dept. Process Costing Report for February 20YY - Weighted Average Percentage completed Equivalent units 32 Total Direct materials Conversion Direct materials Conversion 33 Units 1 34 Beginning WIP inventory 35 Units started 36 Units to account for 37 Units completed and transferred out 38 Ending WIP inventory Units accounted for 39 40 $ s 41 Costs (BWIP costs + Costs Added during period) 42 Beginning WIP inventory 43 Costs added this month 44 Total costs in process 45 Cost per equivalent unit ($) 45 47 Cost assignment (Costs per EU X EU) 48 Units completed transferred out 49 Ending WIP inventory Total costs 51 52 53 PC2