Question
Form a team consisting of six members. The following table includes information about one month's production of VitalVitamin (VV). VV is produced in a three-step
Form a team consisting of six members. The following table includes information about one month's production of VitalVitamin (VV). VV is produced in a three-step process consisting of mixing, shaping, and packaging.Direct materials like tars, acids, and inert ingredients are all introduced at the beginning of the mixing cycle, at a per unit cost of $0.30.Direct labor and factory overhead are incurred uniformly throughout each stage of production, and in equal proportion (i.e., $1 of overhead for each $1 of labor). Costs are very stable, and there have been no changes in per unit costs for any element of production over the past several months.The following table provides details about units in production, the stage of completion, and costs incurred.
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Form a team consisting of six members. The following table includes information about one month's production of VitalVitamin (VV). VV is produced in a three-step process consisting of mixing, shaping, and packaging. Direct materials like tars, acids, and inert ingredients are all introduced at the beginning of the mixing cycle, at a per unit cost of $0.30. Direct labor and factory overhead are incurred uniformly throughout each stage of production, and in equal proportion (i.e., $1 of overhead for each $1 of labor). Costs are very stable, and there have been no changes in per unit costs for any element of production over the past several months. The following table provides details about units in production, the stage of completion, and costs incurred. Process Beginning of April During April End of April Mixing 100,000 units in process (40% complete at a total cost of $50,000) 800,000 units put into production; additional costs into production total $652,500 70,000 units in process (50% complete) Shaping 80,000 units in process (80% complete at a total cost of $70,400) Additional conversion costs of $63,600 50,000 units in process (30% complete) Packaging no units in process Additional conversion costs of $34,080 20,000 units in process (60% complete) (a) Team Member 1 -- prepare a cost of production report for the Mixing Department. (b) Team Member 2 -- prepare a cost of production report for the Shaping Department. (c) Team Member 3 -- prepare a cost of production report for the Packing Department. (d) Team Member 4 should use the answer prepared by Team member #1 to prepare April's journal entries related to the Mixing Department. (d) Team Member 5 should use the answer prepared by Team members #2 and #4 to prepare April's additional journal entries related to the Shaping Department. (f) Team Member 6 should use the answer prepared by Team members #3 and #5 to prepare April's additional journal entries related to the Packaging Department. Note: This problem can be solved under weighted-average or FIFO. GENERAL JOURNAL Date Accounts Debit Mixing To record overhead material, labor, Mixing To transfer units to shaping Shaping To record labor and overhead Shaping To transfer units to packaging Packing To record labor and overhead Packing To transfer units to packaging and Credit Vital Vitamin Mixing Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Vital Vitamin Shaping Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Vital Vitamin Packaging Department Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Cost of Production Report Weighted-average method Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation: Unit Reconciliation: Cost Per Equivalent Unit: Cost Allocation
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