Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

can i please get help with problem P3-7B Problems: Set B 3 Venuchi Cleaner Company Mixing and Blending Department Production Cost Report For the Month

image text in transcribed

image text in transcribed

can i please get help with problem P3-7B

Problems: Set B 3 Venuchi Cleaner Company Mixing and Blending Department Production Cost Report For the Month Ended March 31 Equivalent Units Ouantities Units to be accounted for Physical Units Conversion Costs Materials Work in process, March 1 Started into production 10,000 76,000 86,000 Total units Units accounted for Transferred out Work in process, March 31 66,000 (60% materials, 20% conversion cOSts Total units 20,000 86,000 Costs Total $254,000 Materials Costs $98,000 Unit costs Total cost Equivalent units Unit costs Work in process, March 1 Started into production Costs to be accounted for $8,700 245,300 Total costs Conversion Materials Total Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, March 31 Conversion costs Total costs Instructions (a) Prepare a schedule that shows how the cquivalent units were computed so that you (a) Materials $2.00 mplete the "Ouantities: Units accounted for" equivalent units section shown in (b) Transferred out $224 400 5 29,600 can com the production cost report above, and compute March unit costs (b) Complete the "Cost Reconciliation Schedule" part of the production cost report WIP above Detennine equivalent senits Holiday Company manufactures basketballs and soccer balls. For both products, and unit costs and ass materials are added at the beginning of the production process and conversion costs are costs for processes: prepare incurred uniformly. Holiday uses the FIFO method to compute equivalent units. Produc production cost report. tion and cost data for the month of August are shown below. LO 5), AP Percent Complete 60% Production Data-Soccer Balls Work in process units, August 1 Units started into production work in process units, August 31 Complete 80% Production Data-Basketballs Work in process units, August 1 Units started into production Work in process units, August 31 Units 500 2,000 600 Units 2,000 150 50% 70% Cost Data- -Soccer Balls Cost Data-Basketballs Work in process, August I Direct materials Direct labor Manufacturing overhead Work in process, August 1 Direct materials Direct labor $1,125 2,800 1,000 Manufacturing overhead

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

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

Financial Accounting Second Custom Edition For The University Of Central Florida

Authors: Walter T. Jr, Horngren Harrison

2nd Custom Edition

0536986002, 978-0536986009

More Books

Students also viewed these Accounting questions

Question

How does the concept of hegemony relate to culture?

Answered: 1 week ago

Question

Define Management or What is Management?

Answered: 1 week ago

Question

3. Outline the four major approaches to informative speeches

Answered: 1 week ago

Question

4. Employ strategies to make your audience hungry for information

Answered: 1 week ago