Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Can you please provide the answer on the attached excel spreadsheet as I would like to be able to work through the steps. Thank you!

Can you please provide the answer on the attached excel spreadsheet as I would like to be able to work through the steps. Thank you!

Question:

The charges to Work in Process - Baking Department for a period and information concerning production are as follows. The Baking Department uses the average cost method, and all direct materials are placed in process during production.

Bal. 8,000 units, 70% completed - 12,900

Direct materials, 82,300 units - 161,000

Direct labour - 91,800

Factory overhead - 81,780

Bal. 4,900 units, 30% completed -- ??

To Finished Goods, 85,400 units

Determine the following:

a. The number of whole units to be accounted for and to be assigned costs

b. The number of equivalent units of production

c. The cost per equivalent unit

d. The cost of the units transferred to Finished Goods

e. The cost of ending Work in Process

image text in transcribed Company:__________________________________________________ Cost of Production Report For the month ended _______________________________________ Step 1 Whole Units Step 2 Equivalent Units Direct Materials Conversion Costs UNITS Units Charged to Production: Inventory in process - beginning of the period Received from Materials storeroom Total Units accounted for by the Dept. Units to be assigned costs: Inventory in Process, beginning ( Started and completed in the period Transferred out in the period Inventory in Process, ending ( Total Units to be Assigned Costs % complete) % complete) COSTS Costs per equivalent unit Total Costs for the period in the Department Total Equivalent Units from Step 2 above Costs per Equivalent Unit Costs Conversion Costs Direct Material Total $ +$ $ = $ +$ = $ +$ = Costs assigned to Production: Inventory in Process, beginning Costs incurred in the period Total Costs to be Accounted for by the Department Cost allocation to completed and partially completed units Inventory in Process, beginning Costs to complete beginning Inventory in Process Cost of Completed beginning Inventory in Process Started and completed in the period Transferred out in the period Inventory in Process at end of period Total Costs Assigned by the Department

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

Principles Of Financial Accounting

Authors: Belverd E Needles, Marian Powers

11th Edition

0538755164, 9780538755160

More Books

Students also viewed these Accounting questions

Question

3. To retrieve information from memory.

Answered: 1 week ago

Question

2. Value-oriented information and

Answered: 1 week ago

Question

1. Empirical or factual information,

Answered: 1 week ago