Baking Company uses an automated process to produce a baking product. For March, the company had the following activities in the pounding department, which is followed by the mixing department: Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. After the pounding process is done the costs and next production department is the mixing department. The pounding process is the first department in the process. DATA for the pounding department: Physical Units 1,000 units Direct Materials $3,840 Conversion Costs $3,775 Total Costs $7,615 100% 75% Beginning work-in-process Degree of Completion of Beginning Work in process at beginning of month Started During March Completed and transferred out during March 2 Ending Work in process Inventory 3 Degree of Completed of ending work in process Total costs Added during March 11,000 units 7,000 units ???? units 100% 100% 100% $20,160 55% $5,000 $25,160 5 5 Required: 1. Prepare a production report for the pounding department using weighted average. Please review exhibit 6.7. Please use the worksheet named weighted average and use only cell referencing and formulas on your production report using this worksheet for your data. 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet. 13. Prepare a production report for the pounding department using Part 1 FIFO. Please use the worksheet named FIFO and use only cell referencing and formulas on your production report using this worksheet for your data. 4. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet. 5 5 7 A B C D E F G H J Weighted average Production Report-Pounding Department 1 2 3 4 5 6 Production Data Equivalent Units of Production Direct Material Physical Units Conversion 1,000 Guidance: Make sure you are using cell referencing to the Instructions worksheet. 11,000 12,000 7 Beginning Work in process 8 Units started 9 Total Units to account for 10 11 Beginning Work in process 12 Started and completed 13 Units completed 14 Ending Work in Process 15 Total units accounted for 16 17 Cost Data 18 19 20 Costs in Beginning Inventory 21 Current period cost 22 Total Cost to account for: 23 Divided by EUP 24 Cost per equivalent unit 25 26 Cost Assignment 27 Transferred out Total costs Direct Material Conversion 28 Ending WIP Inventory 29 Direct Material 30 Conversion 31 Total Cost to account for: 32 33 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. 34 35 36 37 38 39 FIFO Production Report-Pounding Department Production Data Equivalent Units of Production Direct Material Physical Units Conversion Beginning Work in process Units started Total Units to account for Beginning Work in process Started and completed Units completed Ending Work in Process Total units accounted for Cost Data Total costs Direct Material Conversion Costs in Beginning Inventory Current period cost Total Cost to account for: Divided by EUP Cost per equivalent unit Cost Assignment Transferred out Beginning WIP Inventory costs Costs to Complete Started and completed Total cost transferred Ending WIP Inventory Direct Material Conversion Total Cost to account for: 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department
