Question
eBook Work in Process Account Data for Two Months; Cost of Production Reports Hearty Soup Co. uses a process cost system to record the costs
eBook
Work in Process Account Data for Two Months; Cost of Production Reports
Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and filling processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in ProcessFilling on April 1 and debits to the account during April were as follows:
Bal., 1,000 units, 20% completed: | ||
Direct materials (1,000 x $4.30) | $ 4,300 | |
Conversion (1,000 x 20% x $1.80) | 360 | |
$ 4,660 | ||
From Cooking Department, 23,800 units | $104,720 | |
Direct labor | 29,195 | |
Factory overhead | 15,721 |
During April, 1,000 units in process on April 1 were completed, and of the 23,800 units entering the department, all were completed except 2,400 units that were 60% completed. Charges to Work in ProcessFilling for May were as follows:
From Cooking Department, 27,400 units | $126,040 |
Direct labor | 36,700 |
Factory overhead | 19,760 |
During May, the units in process at the beginning of the month were completed, and of the 27,400 units entering the department, all were completed except 1,300 units that were 90% completed.
Required:
1. Enter the balance as of April 1 in a four-column account for Work in ProcessFilling. Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion; (b) cost per equivalent unit; (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in April; and (d) work in process inventory. If an amount box does not require an entry, leave it blank.
ACCOUNT | Work in Process-Filling Department | ACCOUNT NO. | ||||
---|---|---|---|---|---|---|
BALANCE | ||||||
DATE | ITEM | POST. REF. | DEBIT | CREDIT | DEBIT | CREDIT |
Apr. 1 | Bal., 1,000 units, 20% completed | fill in the blank 1 | fill in the blank 2 | fill in the blank 3 | fill in the blank 4 | |
30 | Cooking Dept., 23,800 units at $4.40 | fill in the blank 5 | fill in the blank 6 | fill in the blank 7 | fill in the blank 8 | |
30 | Direct labor | fill in the blank 9 | fill in the blank 10 | fill in the blank 11 | fill in the blank 12 | |
30 | Factory overhead | fill in the blank 13 | fill in the blank 14 | fill in the blank 15 | fill in the blank 16 | |
30 | Finished goods | fill in the blank 17 | fill in the blank 18 | fill in the blank 19 | fill in the blank 20 | |
30 | Bal., 2,400 units, 60% completed | fill in the blank 21 | fill in the blank 22 | fill in the blank 23 | fill in the blank 24 |
If an amount box does not require an entry, leave it blank. Round cost per unit answers to the nearest cent.
Hearty Soup Co. Cost of Production Report-Filling Department For the Month Ended April 30 | |||
---|---|---|---|
Whole Units | Equivalent Units | ||
Units | Direct Materials (a) | Conversion (a) | |
Units charged to production: | |||
Inventory in process, April 1 | fill in the blank 25 | ||
Received from Cooking Department | fill in the blank 26 | ||
Total units accounted for by the Filling Department | fill in the blank 27 | ||
Units to be assigned costs: | |||
Inventory in process, April 1 | fill in the blank 28 | fill in the blank 29 | fill in the blank 30 |
Started and completed in April | fill in the blank 31 | fill in the blank 32 | fill in the blank 33 |
Transferred to finished goods in April | fill in the blank 34 | fill in the blank 35 | fill in the blank 36 |
Inventory in process, April 30 | fill in the blank 37 | fill in the blank 38 | fill in the blank 39 |
Total units to be assigned costs | fill in the blank 40 | fill in the blank 41 | fill in the blank 42 |
Costs | ||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|
Costs | Direct Materials | Conversion | Total | |||||||||
Costs per equivalent unit: | ||||||||||||
Total costs for April in Filling Department | $fill in the blank 43 | $fill in the blank 44 | ||||||||||
Total equivalent units | fill in the blank 45 | fill in the blank 46 | ||||||||||
Cost per equivalent unit (b) | $fill in the blank 47 | $fill in the blank 48 | ||||||||||
Costs charged to production: | ||||||||||||
Inventory in process, April 1 | $fill in the blank 49 | |||||||||||
Costs incurred in April | fill in the blank 50 | |||||||||||
Total costs accounted for by the Filling Department | $fill in the blank 51 | |||||||||||
Cost allocated to completed and partially completed units: | ||||||||||||
Inventory in process, April 1 balance (c) | $fill in the blank 52 | |||||||||||
To complete inventory in process, April 1 (c) | $fill in the blank 53 | $fill in the blank 54 | fill in the blank 55 | |||||||||
Cost of completed April 1 work in process | $fill in the blank 56 | |||||||||||
Started and completed in April (c) | fill in the blank 57 | fill in the blank 58 | fill in the blank 59 | |||||||||
Transferred to finished goods in April (c) | $fill in the blank 60 | |||||||||||
Inventory in process, April 30 (d) | fill in the blank 61 | fill in the blank 62 | fill in the blank 63 | |||||||||
Total costs assigned by the Filling Department |
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