Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

both connected to one questions thank you! I think we goofed when we hired that new assistant controller, said Ruth Scarpino, president of Provost Industries.

both connected to one questions thank you!
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
"I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. "Just look at this report that he prepared for last month for the Finishing Department. I can't understand it." $ 8,561 Finishing Department costs: Work in process inventory, April 1, 900 units; materials 1004 complete; conversion 888 complete Costs transferred in during the month from the preceding department, 2,400 units Materials cost added during the month Conversion costs incurred during the month Total departnental costs 25, 382 10,017 21,750 $ 65,709 $ 65, 709 Finishing Department costs assigned to: Units completed and transferred to finished goods, 2,700 units at $24.340 per unit Work in process inventory, April 30, 600 units; materials of complete; conversion 50% complete Total departmental costs assigned $ 65,709 "Consists of cost transferred in. $4,286; materials cost $2,025; and conversion cost $2.250. "He's struggling to learn our system." replied Frank Harrop, the operations manager. "The problem is that he's been away from process costing for a long time, and it's coming back slowly." "It's not just the format of his report that I'm concerned about. Look at that $24.340 unit cost that he's come up with for April. Doesn't that seem high to you?" said Ms. Scarpino. "Yes, it does seem high but on the other hand, I know we had an increase in materials prices during April, and that may be the explanation," replied Mr. Harrop. "I'll get someone else to redo this report and then we can see what's going on." Provost Industries manufactures a ceramic product that goes through two processing departments-Molding and Finishing. The company uses the weighted-average method in its process costing. Required: 1-a. Calculate the equivalent units of production 1-6. Calculate the cost per equivalent unit (Round your answers to 2 decimal places.) 1-c. How much cost should have been assigned to the ending work in process inventory? (Round your intermediate calculations to 2 *Consists of cost transferred in. $4,286; materials cost, $2,025; and conversion cost, $2,250, "He's struggling to learn our system." replied Frank Harrop, the operations manager. "The problem is that he's been away from process costing for a long time, and it's coming back slowly." it's not just the format of his report that I'm concerned about. Look at that $24.340 unit cost that he's come up with for April. Doesn't that seem high to you?" said Ms. Scarpino. "Yes, it does seem high; but on the other hand, I know we had an increase in materials prices during April, and that may be the explanation," replied Mr. Harrop. "I'll get someone else to redo this report and then we can see what's going on Provost Industries manufactures a ceramic product that goes through two processing departments-Molding and Finishing. The company uses the weighted-average method in its process costing, Required: 1-a. Calculate the equivalent units of production 1-6. Calculate the cost per equivalent unit. (Round your answers to 2 decimal places.) 1-c. How much cost should have been assigned to the ending work in process inventory? (Round your intermediate calculations to 2 decimal places.) 1-d. How much cost should have been assigned to the units completed and transferred to finished goods? (Round your intermediate calculations to 2 decimal places.) Transferred In Costs Materials Conversion Total 1-a. Equivalent units of production 1-6. Cost per equivalent unit 1-c. Cost of ending work in process inventory 1-d. Cost of units completed and transferred out AL $ $ 0 0 "I think we goofed when we hired that new assistant controller," said Ruth Scarpino, president of Provost Industries. Just look at this report that he prepared for last month for the Finishing Department. I can't understand it." Finishing Department costs: Work in process inventory, April 1, 450 units; materials 100% complete; conversion 60% complete $ 8,208 Costs transferred in during the month from the preceding department, 1,958 units 17,940 Materials cost added during the month 6,218 Conversion costs incurred during the month 13,920 Total departmental costs $ 46, 278 Finishing Department costs assigned to: Units completed and transferred to finished goods, 1,800 units at $25.71 per unit $ 46,278 Work in process inventory, April 30, 600 units: materials o complete: conversion 354 complete Total departmental costs assigned $ 46,278 *Consists of cost transferred in $4.068; materials cost. $1,980, and conversion cost $2,160. "He's struggling to learn our system. replied Frank Harrop, the operations manager. "The problem is that he's been away from process costing for a long time, and it's coming back slowly." "It's not just the format of his report that I'm concerned about. Look at that $25.71 unit cost that he's come up with for April. Doesn't that seem high to you?" said Ms. Scarpino. "Yes, it does seem high, but on the other hand, I know we had an increase in materials prices during April, and that may be the explanation." replied Mr. Harrop. "I'll get someone else to redo this report and then we can see what's going on." Provost Industries manufactures a ceramic product that goes through two processing departments. Molding and Finishing. The company uses the weighted average method in its process costing, Required: 1-a. Calculate the equivalent units of production, 1-b. Calculate the cost per equivalent unit (Round your answers to 2 decimal places.) #I-RAI-------- 150 Consists of cost transferred in. $4,068; materials cost, $1,980, and conversion cost $2,160. "He's struggling to learn our system," replied Frank Harrop, the operations manager. "The problem is that he's been away from process costing for a long time, and it's coming back slowly." "It's not just the format of his report that I'm concerned about. Look at that $25.71 unit cast that he's come up with for April. Doesn't that seem high to you?" said Ms. Scarpino. "Yes, it does seem high, but on the other hand, I know we had an increase in materials prices during April, and that may be the explanation," replied Mr. Harrop. "I get someone else to redo this report and then we can see what's going on Provost Industries manufactures a ceramic product that goes through two processing departments-Molding and Finishing. The company uses the weighted average method in its process costing Required: 1-a. Calculate the equivalent units of production 1-5. Calculate the cost per equivalent unit. (Round your answers to 2 decimal places.) 1-c. How much cost should have been assigned to the ending work in process inventory? (Round your intermediate calculations to 2 decimal places.) 1-d. How much cost should have been assigned to the units completed and transferred to finished goods? (Round your intermediate calculations to 2 decimal places.) Transferred In Costa Materials Conversion Total 1-a. Equivalent units of production 1-5. Cost per equivalent unit 1-c. Cost of ending work in process inventory 1-D. Cost of units completed and transferred out $ 0 $ 0

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

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

Step: 2

blur-text-image_2

Step: 3

blur-text-image_3

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

Managerial Accounting For Undergraduates

Authors: Christensen, Theodore E. Hobson, L. Scott Wallace, James S.

1st Edition

1618531123, 9781618531124

More Books

Students also viewed these Accounting questions

Question

=+b) Use it to predict the value for January 2007. Section 19.4

Answered: 1 week ago