chapter 17 part 3

During July, 15,500 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,100 units, 4/5 completed Required: 1. Prepare a cost of production report for the Siting Department for Jully. If an amount is zero, enter "o". Round your cost per unit answers to the nearest cent. 2 Jaumatize the entries for costs transferred from Milling to sifting and the costs transferred from Sitting to Packaging. Refer to the chart of accounts for the exact wording of the account titles. CNOW Journals do not use lines for spaces or journal explanations. Every line on a journal page is used for coolt or credit entries. Do not add explanations or skip a line between Journal entries. CNOW journals will automatically indent a credit entry when a credit armount is entered. Use the date July 31 for all journal entries 3. Determine the increase or decrease in the cost per equivalent unit from June to Awly for direct materials and conversion costs. Round your answers to the nearest cent. 4. Discuss the uses of the cost of production report and the results of part (3) 1. Prepare a cost of production report for the Sitting Department for July. W an amount is zero, enter "O". Round your cost per unit answers to the nearest cont. WHITE DIAMOND FLOUR COMPANY Cost of Production Report-Sifting Department For the Month Ended July 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production: Inventory in process, July 1 Received from Milling Department Total units accounted for by the Sifting Department Units to be assigned costs Inventory in process, July 1 (3/5 completed) Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 (4/5 completed) Total units to be assigned costs Costs COSTS Direct Materials Conversion Total Cost per equivalent unit: $ Total costs for July in Sitting Department Total equivalent units Cost per equivalent unit Costs assigned to production: Inventory in process, July 1 Costs incurred in July Total costs accounted for by the Sifting Department Costs allocated to completed and partially completed units: Inventory in process, July 1-balance S $ $ To complete inventory in process, July 1 Cost of completed July 1 work in process Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 Total costs assigned by the Sifting Department Check My Work Prev AN Journal 2 Journalize the les for costs transferred from Miling to Siting and the cost transferred from Siling to Packaging. Refer to the charf of accounts for the exact wording of the accountles. CNOW Jumals do not use lines for spaces or joumal explanations. Every ine on a joumal page is used for debitor credil entries. Do not add explanations er skipa me between journal entos. CNow ournals wW automatically indent e credevitry when a credit amount as entered. Use the date Wy 31 for all journal entrios FAGE 10 JOURNAL ACCOUNTING EQUATION DATE DESCRIPTION POST REF DETT CREDIT ASSETS LILITIES EQUITY 1 3 1 Final Questions 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Round your answers to the nearest cent. Direct materials: Conversion: 4. Discuss the uses of the cost of production report and the results of part (9) The cost of production report may be used as the basis for allocating product costs botween also be used to control costs by holding each department head responsible for the units entering production and the costs incurred in the department. Any differences in unit product costs from one month to another, such as those in part (3), can be studied carefully and any significant differences investigated and The report can