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Could you please check answer is correct or not? Given Data: Required Humpty Dumpty Inc. manufactures Yummy potato chips. Part (1) Quantity Production of the
Could you please check answer is correct or not?
Given Data: Required Humpty Dumpty Inc. manufactures Yummy potato chips. Part (1) Quantity Production of the potato chips occurs in three departments: Cleaning, Cooking and Packaging. Units to be Accounted for: Schedule Consider the Cooking department, where the "seasoning" materials are added; more specifically: WIP - beginning 125,000 Units Started into production 209,000 Seasoning is added when the conversion costs are 85% complete 334,000 Equivalent Units of Production The accounting records of the Humpty Dumpty factory provided the following information for jalapeno Units Accounted for: Total Transferred In Seasoning Conversion flavoured potato chips in its Cooking department during a weekly period (week 9): Transferred Out 206,000 206,000 206,000 206,000 Transferred in Seasoning Conversion WIP - ending 128,000 Units costs costs costs Beginning work in process, week 9 125,000 $ 70,000 $ $ B,750 Transferred In 100% 128,000 Degree (percentage) of completion 0% 35% Seasoning 100% 128,000 Transferred In units during week 9 ? Conversion 90% 1 15,200 Costs added during week 9 $ 105,000 $ 14,000 | $ 52,850 334,000 Equivalent Units of Production 334,000 334,000 321,200 Completed units during week 9 206,000 Ending work in process units , week 9 128,000 Costs to be Accounted for: Total Transferred In Seasoning Conversion Degree (percentage) of completion 90% WIP - beginning $ 78,750 $ 70,000 $ $ 8.750 Costs added $ 171,850 105,000 14,000 62,850 Other possible % complete for costs: 0% 10% 20% 30% 40% 250,600 175,000 14,000 61,600 50% 60% 70% 80% 90% Equivalent Units of Production 334,000 334,000 321,200 100% Cost per E.U.P $ 0.758 $ 0.524 $ 0.042 $ 0.192 2) Inits sold during week 9 140,000 selling price per unit $ 1.99 Costs Accounted for: Total2) nits sold during week 9 140,000 elling price per unit $ 1.99 Costs Accounted for: Total Transferred Out $ 156,076 $ 156,076 REQUIRED: WIP - ending 1) Transferred In $ 67,066 Prepare a Production Report for the Cooking department week 9 using the weighted-average method and prepare any Seasoning 5.365 esulting journal entry. Conversion 22,093 2) 4,524 Based on your calculations, would the company achieve a gross profit on this product of 75% in week 9? $ 250,600 Show your gross profit calculation. Journal Entry Debit Credit Finished Goods $ 56,076 WIF $ 156,076 Vording to be referenced in completing your production report: Part (2) Conversion Would the company achieve a 75% gross profit in week 9? No costs added Show calculations Costs to be Accounted for: units sold during week 9 140,000 quivalent Units of Production selling price per unit $ 1.99 easoning Sales 278600 ransferred In Cost of good sold 106071 ransferred Out Gross Profit 172529 Inits Accounted for: Inits Started into production Gross Profit % 61.93% Inits to be Accounted for: VIP - beginning VIP - endingStep by Step Solution
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