Question
Curry Co. produces curry sauce using two processes: cooking and bottling. The companys accountant has produced the following process costing data for January 2014: Curry
Curry Co. produces curry sauce using two processes: cooking and bottling. The companys accountant has produced the following process costing data for January 2014:
| Curry Co - Process costing data for January 2014 | Cooking Dept | Bottling Dept |
| Units |
|
|
| Beginning Work in progress (WIP), units | 400 | 3,500 |
| Units started in production this month | 31,000 | See Cooking |
| Units completed and transferred out during the month | 29,000 | 29,000 |
| Completion percentage at end of month: |
|
|
| Ending WIP, direct materials added (%) | 90% | 25% |
| Ending WIP, conversion work performed (%) | 40% | 25% |
| Costs |
|
|
| Beginning WIP, costs added in prior periods: |
|
|
| Transferred in costs | N/A | $28,000 |
| Direct materials | $11,000 | $1,000 |
| Conversion cost: direct labor | $3,000 | $2,000 |
| Conversion cost: overhead applied | $6,000 | $3,000 |
| Costs added to process during month: |
|
|
| Direct materials | $80,000 | $14,000 |
| Conversion cost: direct labor | $38,000 | $20,000 |
| Conversion cost: overhead applied | $110,000 | $35,000 |
Required: Using the data provided above and the template on the next page, prepare the process costing report for the Cooking Department for January 2014. (Hint: complete the cells shaded in grey).
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Quality Assessment Manual For The Internal Audit Activity
Authors: The Internal Audit Foundation
2017 Edition
0894139975, 978-0894139970
