Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Can an accountant tutor help me with my homework please. Cost of Production Report Venus Chocolate Company processes chocolate into candy bars. The process begins
Can an accountant tutor help me with my homework please.
Cost of Production Report Venus Chocolate Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending Department. All materials are placed into production at the beginning of the blending process. After blending, the milk chocolate is then transferred to the Molding Department, where the milk chocolate is formed into candy bars. The following is a partial work in process account of the Blending Department at March 31, 2016: ACCOUNT Work in ProcessBlending Department Date Mar. Item Debit ACCOUNT NO. Credit 1 Bal., 6,500 units, 1/5 completed Balance Debit Credit 20,670 31 Direct materials, 260,000 units 806,000 826,670 31 Direct labor 166,900 993,570 41,740 1,035,310 31 Factory overhead 31 Goods transferred, 261,000 units 31 Bal., ? units, 1/5 completed ? ? Required: 1. Prepare a cost of production report, and identify the missing amounts for Work in ProcessBlending Department. If an amount is zero, enter "0". When computing cost per equivalent units, round to two decimal places. Venus Chocolate Company Cost of Production Report-Blending Department For the Month Ended March 31, 2016 Unit Information Units charged to production: Inventory in process, March 1 Received from materials storeroom Total units accounted for by the Blending Department Units to be assigned costs: Equivalent Units Whole Units Inventory in process, March 1 Started and completed in March Transferred to Molding Department in March Inventory in process, March 31 Total units to be Direct Materials Conversion assigned costs Cost Information Costs per equivalent unit: Direct Materials Conversion $ $ Total costs for March in Blending Department Total equivalent units Cost per equivalent unit $ Costs charged to production: Direct Materials Conversion Inventory in process, March 1 Costs incurred in March Total costs accounted for by the Blending Department Cost allocated to completed and partially completed units: Inventory in process, March 1 balance To complete $ inventory in $ process, March 1 Cost of completed March 1 work in process Started and completed in March Transferred to Molding Department in March Inventory in process, March 31 Total costs assigned by the Blending $ Total $ $ $ $ $ $ Department 1Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started