Answered step by step
Verified Expert Solution
Question
1 Approved Answer
HELP PLEASE ASAP!! Instructions Haarty Soup Co uses a roccess cost system to record the costs of processing soup, which requires the cookng and filling
HELP PLEASE ASAP!!
Instructions Haarty Soup Co uses a roccess cost system to record the costs of processing soup, which requires the cookng and filling processes, Materials are entered from the cooking process at the beginning of the filling process. The inventory at Work in Process-Filing on April 1 and dedits to the nocoure during April were as followers B., 800 units, 30% completed: Direct materials (800 * $4.30) $3,440 Conversion (800X 30% $1.75) 420 $3,860 From Cooking Department. 7.400 units 532.560 Direct labor 8,620 Factory overhead 4,112 During April, 800 units in process on April 1 were completed, and of the 7400 units entering the department, all were completed except 600 units that were 90% completed Charges to Work in Process Filling for May were as follows: Charges to Work in Process-Filing for May were as follows: From Cooking Department, 9,600 units $44,160 Direct labor 12,008 Factory overhead 5,088 During May, the units in process at the bopinning of the month were completed, and of the 9,600 unts entering the department, all were completed except 250 units that were 35% completed Required: 1. (a) Enter the balance as of Apr 7, in a four-column account for Work in Process-Filing. Record the debuts and the credits in the account for April (b) Construct a cost of production report, and present computations for determining equivalent units of production for materials and conversion, il costs per equivalent.nl il cost of goods finished differentiating between units started in the prior period and units started and finished in April W. Work in process inventory. Instructions Factory overhead 5,085 During May, the units in process at the beginning of the month were completed, and of tho 9.600 units entering the department, all were completed except 250 units that were 35% completed Required: 1. (a) Enter the balance as of April 5, in a four-column account for Work in Process-Fing. Record the debits and the credits in the account for April (b) Construct a cost of production report and present computations for determining equivalent units of production for materials and conversion Il costs per equivalent ut. lit. cost of goods finished, chilferentiating between units started in the prior period and units started and finished in April." w work in process inventory 1 an amount is zero, entero Round your cost per unit answers to the nearest cent and final answers to the nearest dodaramount 2. (a) Provide the same information for May by recording the May transaction in the four comme work in process account (b) Construct a cost of production report and present the May computations through ) Asted in part 10). 3. Comment on the change in costo por equivalent unit for March through May for direct materials and conversion costs. 1(a) Enter the balance as of April 1, in a four-column account for Work in Process-Fiing, Record the debuts and the credits in the account for April. 2(a). Provide the same information for May by recording the May transactions in the four columns work in process account Work in Process-Filing 1 Date Item Debit Credit Balance De Balance 2 Apr. 1 3 30 4 30 Balance Cooking Department Direct labor Factory overhead Finished goods 30 30 7 30 Balance . May 31 Cooking Department Direct labor 31 12 31 Factory overhead Work in Process-Filing 1 Date Item Debit Credit Balance Dr. Balance 2 Apr1 Balance 3 30 4 50 5 30 6 30 Cooking Department Direct labor Factory overhead Finished goods Balance Cooking Department Direct labor Factory overhead 2 30 8 May 31 31 1 10 31 11 31 Finished goods 12 31 Balance Cost of Production Report. April 1(b). Construct a cost of production report and present computations for determining equivalent units of production for materials and conversion, i, costs per equivalent unit. il cost of goods finished, diferentiating between units started in the prior period and unite started and finished in April 1. work in process inventory If an amount is zero, enter *oPound your cout per unit answers to the nearest cent and oral answers to the newest dollar amount . HEARTY SOUP CO. Cost of Production Report-Filing Department For the Month Ended April 30 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production Inventory in process, April 1 Received from Cooking Department Cost of Production Report-April For the Month Ended April 30 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production Inventory in process, April 1 Recolved from Cooking Department Total units accounted for by the Filing Department Units to be assigned cons Inventory in process, April 1 (30% completed) Started and completed in April Transferred to finished goods in April Inventory in process, April 30 (90% completed) Total units to be assigned costs Cost of Production Report-April Costs COSTS Direct Materials Conversion Total Cost per equivalent unit: Total costs for April in Filling Department S Total equivalent units Cost per equivalent unit $ IS Costs assigned to production Inventory in process, April 1 $ Costs incurred in April $ Total costs accounted for by the Filing Department Costs allocated to completed and partially completed units: Inventory in process, April 1-balance To complete inventory in process, April 1 $ S $ 5 Cost of completed April 1 work in process Started and completed in April X Cost of Production Report-April Total costs for April in Filing Department Total equivalent units $ Cost per equivalent unit s $ Costs assigned to production: Inventory in process, April 1 S s Costs incurred in April Total costs accounted for by the Filing Department Costs allocated to completed and partially completed units: Inventory in process, April 1-balance S To complete inventory in process, April 1 $ Cost of completed April 1 work in process s Started and completed in April Transferred to finished goods in April $ Inventory in process, April 30 $ Total costs assigned by the Filling Department Cost of Production Report-May 2(b). Construct a cost of production report, and present computations for determining equivalent units of production for materials and conversion it costs per equivalent unit l. cost of goods drished, aferentiating between units started in the prior period and units started and firshed in April iv. work in process inventory W an amount is zero, enter "o". Round your cost per unit answers to the nearest cent and Nra answers to the nearest solar amount HEARTY SOUP CO. Cost of Production Report-Filing Department For the Month Ended May 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production: Inventory in process, May 1 Cost of Production Report-May For the Month Ended May 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production: Inventory in process, May 1 Received from Cooking Department Total units accounted for by the Filling Department Units to be assigned costs Inventory in procesa, May 1 (90% completed) Started and completed in May Transferred to finished goods in May Inventory in process, May 31 (36% completed) Total units to be assigned costs Cost of Production Report-May Costs COSTS Direct Materials Conversion Total Costs per equivalent unit Total costs for May in Filing Department Total equivalent units Cost per equivalent unit s Costs assigned to production: $ Inventory in process, May 1 Coots incurred in May Total costs accounted for by the Filing Department Costs alocated to completed and partially completed units $ Inventory in process, May 1 balance To complete inventory in May 1 Cost of Production Report-May $ $ Costs assigned to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for by the Filing Department Costs allocated to completed and partially completed units Inventory in process, May 1 Balance To complete inventory in process, May 1 $ Cost of completed May 1 work in process $ Started and completed in May Transferred to finished goods in May $ Inventory in process, May 31 Total costs assigned by the Filling Department Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started