Answered step by step
Verified Expert Solution
Link Copied!

Question

...
1 Approved Answer

Answer is not complete. Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required 4 Required 5 Compute the

image text in transcribed
image text in transcribed
Answer is not complete. Complete this question by entering your answers in the tabs below. Required: Required 2 Required Required 4 Required 5 Compute the Drying Department's equivalent unts of production for pulping and conversion in March. Pulping Conversion Egulert units of production 148.000 150.000 Required 2 > Required Required 2 Required Required 4 Required Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. (Round your answers to 2 decimal places.) Puiping Conversion Cost per cuivalent un Required 1 Required 2 Requires Required Required Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March (Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Dont of ending work in process inventory (Required 2 Required 4 > Required: Required 2 Required Required 4 Required 5 Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. (Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Costul units completed and transferred out Required 1 Required 2 Required) Required 4 Reeds Prepare a cost reconciliation report for the Drying Department for March (Round your intermediate calculations to decima places) Drying Department Cost Reconciliation Costs to be cured for Total cost to be accounted for Coloured for as low 0 Scribners Corporation produces fine papers in three production departments --Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted average method in its process costing system. Data for March for the Drying Department follow: Unita 4,100 8.000 756 Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Pulping Conversion 1001 BOB 1008 $ 1,517 S 779 140,300 $ 56,320 $ 32,870 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. 3. Compute the Drying Department's cost of ending work in process inventory for pulping conversion, and in total for March. 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March 5. Prepare a cost reconciliation report for the Drying Department for March

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Intermediate Accounting Volume 1

Authors: Donald E. Kieso, Jerry J. Weygandt, Terry D. Warfield, Irene M. Wiecek, Bruce J. McConomy

12th Canadian edition

978-1119496496

Students also viewed these Accounting questions