Exercise Cannery Row

Cannery Row produces condensed tomato soup using two processes: mixing and canning. The companys accountant has produced the following process costing data for February 2015:

Cannery Row - Process costing data for February 2015	Mixing Dept	Canning Dept
Units (i.e. gallons of product)
Beginning Work in progress (WIP) (in gallons)	1,000	2,000
Units started in production this month (in gallons)	23,000	See mxing
Units/gallons completed & transferred out during the month	20,000	13,500
Completion percentage at end of month:
Ending WIP, direct materials added (%)	50%	10%
Ending WIP, conversion work performed (%)	25%	75%
Costs	$	$
Beginning WIP, costs added in prior periods:
Transferred in costs	N/A	33,000
Direct materials	12,000	9,250
Conversion cost: direct labor	10,000	12,125
Conversion cost: overhead applied	16,000	40,000
Costs added to process in February 2015:
Direct materials	98,000	62,500
Conversion cost: direct labor	25,000	20,000
Conversion cost: overhead applied	75,000	67,000

Due to a machine breakdown in the Canning Department, the company faced a backlog of work in this department during February 2015.

Required:

Using the data provided above and the template on the next page, prepare the process costing report for the Mixing Department for February 2015.

Using the data above and your answer from part 1), prepare the process costing report for the Canning Department for February 2015. Use the 2^nd template provided.

Cannery Row: Mixing Dept Process Costing Report for February 2015
			Percentage completed			Equivalent units
	Total		Direct materials	Conversion		Direct materials	Conversion
Units
Beginning WIP inventory
Units started
Units available
Units completed			?	?
Ending WIP inventory			?	?
Units accounted for
	Total $
Costs
Beginning WIP inventory
Costs added this month
Total costs in process
Cost per equivalent unit ($)						$ per EU	$ per EU
Cost assignment
Units completed
Ending WIP inventory
Total costs

Cannery Row: Canning Dept Process Costing Report for February 2015
			Percentage completed				Equivalent units
	Total		Transferred in costs	Direct materials	Conversion		Transferred in costs	Direct materials	Conversion
Units
Beginning WIP inventory
Units started
Units available
Units completed			?	?	?
Ending WIP inventory			?	?	?
Units accounted for
	Total $
Costs
Beginning WIP inventory
Costs added this month
Total costs in process
Cost per EQ unit ($)							$	$	$
Cost assignment
Units completed
Ending WIP inventory
Total costs