Ch. 17 Mastery (this is all part of one question)

Grainy Goodness Company manulactures granola cereal by a series of three processes, beginning materials such as oats, 5weeteners, and nuts being introduced in the Mixing Department. From the Mbing Department, the materials pass through the Baking and Packaging departments, emerging as boxed granola cereal ready for shipment to retail outiets. Direct materials are added at the beginning of each process, and conversion costs are incurred eventy throughout production in each department During March, the President and sole stockholder, Jonathan Groat, reviewed the Cost of Production. Report for the Mixing Department. He is cencemed that the Mixing Department may not be operating efficiently, and asks for your help. Required: 1. Jonathan has noticed that his production manager has omited some of the data on the Cost of Production panel Detemine the missing information. If there is no amount or an amount is zero, enter " 0 2. On the February Cost Analysis panel, determine the cost per unit of direct matenais and for conversion for the month of February using the completed date an the Cost of Production panel * 3 On the March Cost Analysis panel, determine the cost per unit of direct materials and for conversion for the monith of March using the compleyed data on the Cost of Production panel." Mixing Department may not be operating efficiently, and asks for your help. Required: 1. Jonathan has noticed that his production manager has omitted some of the data on the Cost of Production panel. Determine the missing. informabion. If there is no amount or an amount is zero, enter " 0 " : 2. On the February Cast Analysis panel, determine the cost per unt of direct materials and for conversion for the month of February using the completed data on the Cost of Production panel: 3. On the March Cost Analysis panel, determine the cost per unit of direct materials and for comversion for the month of March using the completed data on the Cost of Production panel." 4. Affer reviewing your work on the February Cost Anatysis and March Cost Analysis panels, assist Jonathan Groat in evaluating the Mixing Department's performance by answering the questions on the Mixing Dept. Evaluation panel. 5. On March 31, using the data provided on the panels joumalize the entry to move the appropriate amount of cost from the Mixing Department fo the Baking Department. Refer to the Chart of Accounts for exact wording of account tttes. 'Round your per-unit computations to the nearest cent, if required. CHART OF ACCOUNTS Grainy Goodness Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 112 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 141 Work in Process-Mixing 520 Wages Expense 142 Work in Process-Baking 529 Selling Expenses 143 Work in Process-Packaging 531 Utilities Expense 151 Factory Overhead-Mixing 532 Depreciation Expense-Factory 152 Farthry Overheart-Rakinn 533 Insurance. Expense Chectstan work Chart of Accounts 151 Factory Overhead-Mixing 532 Depreciation Expense-Factory 152 Factory Overhead-Baking 533 Insurance Expense 153 Factory Overhead-Packaging 534 Office Supplies Expense 161 Finished Goods 540 Administrative Expenses 171 Office Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 interest Expense 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 215 Notes Payable 221 Utilties Payable Ehicking mork LIABILITIES 210 Accounts Payable 215 Notes Payable 221 Utilities Payable 236 Interest Payable 251 Wages Payable EQUITY 310 Common Stock 311 Retained Earnings 312 Dividends 313 Income Summary Cost of Production GRAINY GOODNESS COMPANY Cost of Production Report-Mixing Department For the Month Ended March 31 Equivalent:Units UNITS Whote Units Direct Materials Conversion Units charged to production: Inventory in process, March 1 2,000 Received from materials storeroom Total units accounted for by the Mixing Department 40,000 Units to be assigned costs: Inventory in process, . Aarch 1 ( 35% completed) 2,000 Cost of Prodiction UNIIS Whole. Units Direct Materials Conversion Units charged to production: Inventory in process, March 1 2,000 Received from materials storeroom Total units accounted for by the Mixing Department 40,000 Units to be assigned costs: Inventory in process, March 1 (35\% completed) 2,000 Started and completed in March Transferred to Baking Department in March 35,00037,0003,00040,000 Check My Hork Costs Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for March in Moing Department $41,420 $38,700 Total equivalent units Cost per equivalent unif +5 5 Costs assigned to production: Inventory in process, March 1 Costs incurred in March Total costs accounted for by the Moing Department Cost allocated to completed and partialy completed hedk Hy Work 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 $38,150 $35,000 73,150 Transterred to Baking Department in March inventory in process, March 31 $3270 $2,400 Total costs assigned by the Moing Department 5 a 2. Defermine the cost per unit of direct materials and for conversion for the month of February using the completed deta on the Cost of Production panel. Round your per computations to the nearest cent, if required 3. Determine the cost per unt of direct materials and for conversian for the month of March using the completed data on the Cost of Production panel. Round your per-unit computations to the nearest cent, if required. 5. On March 31, using the data provided on the panels, joumalize the entry to move the appropriate amount or cost from the Mowing Departiment to the Baking Department Refer to the Chart of Accounts for exact wording of account tites. Question not attempted