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Mini-Practice Set Two Process Cost Accounting In this practice set you will applythe techniques nnd principles of pocess co -umingto the flow of costs connocted with the Jasper Chemical Corporation for the month of January. In completing the project, you will make postings to the general ledger to record materials used, labor costs incurred, and manufacturing overhead costs. You will also compute equivalent production and complete the cost of production reports for pro- partments, work in process inventory accounts to finished goods. However, in the interest of time you will tments. Then you will make entries to record the transfers of costs between de- and the transfers of finished products from the final the recovery of a by-product, not be required to make many of the routine entries t do in prior chapters. The practice set is designed to reinforce your elements of process cost accounting without the time-consuming work of detailed record costs, which you have learned to ing that would be required to record and post entries for many individual transactions. bookkeep- SPER CHEMICAL CORPORATION Jasper Chemical Corporation manufactures three main products. The continuous produc- tion starts in the Combining Department where chemicals are mixed and processed. Some of the mixture is transferred to the Fractionating Department and the remainder to the Elec- trocharging Department. In the Fractionating Department, materials are added and the mixture is further processed. Two finished products, Capisol and Cinnadine, are obtained and, on completion, are transferred to a refrigerated storeroom. A by-product material is also removed. It is col- lected and stored in bins. Periodically this material is sent to a subcontractor who it and returns it to Jasper for sale. The chemicals transferred from the Combining Department to the Electrocharging De- partment also receive additional materials and further processing. In the process, an in- crease in units occurs. The finished product, Anitone, is transferred to a heated storeroom when it is completed. The manufacturing flow is summarized by the diagram on page 453. COST ACCOUNTING SYSTEM The firm's process cost accounting system includes the usual journals and ledgers. A forms required to complete this practice set can be found in the Study Guide and Workin Papers. If you are not using the Study Guide and Working Papers, you will have to reco all such data on blank forms. Mini-Practice Set Two Process Cost Accounting In this practice set you will applythe techniques nnd principles of pocess co -umingto the flow of costs connocted with the Jasper Chemical Corporation for the month of January. In completing the project, you will make postings to the general ledger to record materials used, labor costs incurred, and manufacturing overhead costs. You will also compute equivalent production and complete the cost of production reports for pro- partments, work in process inventory accounts to finished goods. However, in the interest of time you will tments. Then you will make entries to record the transfers of costs between de- and the transfers of finished products from the final the recovery of a by-product, not be required to make many of the routine entries t do in prior chapters. The practice set is designed to reinforce your elements of process cost accounting without the time-consuming work of detailed record costs, which you have learned to ing that would be required to record and post entries for many individual transactions. bookkeep- SPER CHEMICAL CORPORATION Jasper Chemical Corporation manufactures three main products. The continuous produc- tion starts in the Combining Department where chemicals are mixed and processed. Some of the mixture is transferred to the Fractionating Department and the remainder to the Elec- trocharging Department. In the Fractionating Department, materials are added and the mixture is further processed. Two finished products, Capisol and Cinnadine, are obtained and, on completion, are transferred to a refrigerated storeroom. A by-product material is also removed. It is col- lected and stored in bins. Periodically this material is sent to a subcontractor who it and returns it to Jasper for sale. The chemicals transferred from the Combining Department to the Electrocharging De- partment also receive additional materials and further processing. In the process, an in- crease in units occurs. The finished product, Anitone, is transferred to a heated storeroom when it is completed. The manufacturing flow is summarized by the diagram on page 453. COST ACCOUNTING SYSTEM The firm's process cost accounting system includes the usual journals and ledgers. A forms required to complete this practice set can be found in the Study Guide and Workin Papers. If you are not using the Study Guide and Working Papers, you will have to reco all such data on blank forms
