homathe i BOS ante as innout During Juty, 15,000 units of flour were completed. Work in Process-Sitting Department on July 31 was 1,300 units, 4/5 completed. Required: 1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero, enter " V': Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. 2. Journaize the entries for costs transferred from Milling to Sifing and the costs transferred from Siting to Packaging. Refer fo the chart of accounts for the exact wording of the account tities. CNOW journals do not use ines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a ine behween journal entries. CNOW journals will automatically indent a credit entry when a credit amount is entered. Use the date July 31 for all journa/ entries 3. Determine the increase or decrease in the cost per equivaient unt from dune to July for direct matenials and conversion costs. Round your answers to the nearest cent. 4. Discuss the uses of the cost of production report and the resuits of part (3). Whate Diansebed Iloue Comeany WIETE OUMOND HLOUR COMDANY Cost of Predocton Repont.simang Departineot For the Manth Lnded Jutr 31 Fiquivalent theits varrs Whole Units Unt arapes to pratucter. inventory in aracens, dub I Recered for kiting Dobatment Totur units atcosntere fer ty the Sating Departent Unth to be atrigned aner Ifventary ic procks day 105 consieted: Stanted ant conpirted e auly Trandened to Pecroping Deporinent in Wly ioventay ie scocess, ahy 3 is (4s conclewd) Tetal untt to be asrigneg contr costs Costs Direct Materials Conversion Total Cost per equvalent unit: Total costs tor July in Sining Department Totai equivalent units Cost per ecqualent unit Costs arsigned to production: Inventory in process, July 1 Costs incurred in July Total costs accounted for by the Sifting Department 5. Costs allocaled to completed and partially completed units inventory in process, Juy tobalance. To compiete inventory in process; duly 1 Cost of cornpleted duly 1 workin process 5 Stanted and compieted in July Transterred to Fackaging Department in July Invertocy in process, d dily 31 Total costs assigned by the Stting Department The tavlakes in the accart Work in. Puocessising Degwirent was as fillows on ikly 1 The following costs wore charged to Work in Process Sifting Department during July. During July, 15,000 units of flour were completed. Work in Process-Sifting Department on July 31 was-1, 300 units, 4/5 comploted Required: 1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero, enter "0". Round your cost per unit answers to the noarest cent and final answers to the nearest dollar amount. 2. Journalze the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Pockaging. Rofor to the chart of accounts for the exact wording of the account tities. CNOW journals do not use lines for spaces orjournal explanations. Every ine on a journal page is used for debir oc credit entnes Do not add explanations or skip a line behveen journal entries CNOW joumals will automatically indent a credit entry when a credir amount is entered Use the date. July 31 for all joumal entries 3. Defermine the incresse or docrease in the cost. pec equevolunt unt from June to July for direct matenats and comersion cosis. Round your answers to the nearest cent. 4. Discuss the uses of the cost of production repoit and the results of part (3). CHART OF ACCOUNTS White Diamond Flour Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 141 Work in Process-Milling Department 520 Wages Expense 142 Work in Process-Sifting Department 531 Selling Expenses 143 Work in Process-Packaging Department 532 Insurance Expense 151 Factory Overhead-Milling Department 533 Utilities Expense 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packaging Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory Watr DUMOND FLOUR COMPASOY Cest of Prodoction Report-sifting Department For the Month Ended duly a1 Equivalent Units Whole Units Duect Materials Conversion Unh charget to probiction mother mpraces, ay/1 3ols und a anourteo tor the the Sifing Depattreit thin os an angetcoen mertory posest ay at (ts conpelit) cos15 Direct Materials Cost per equivatent unit: Tolal costs for duty in Siting Department Total equivalent units Cost per equivatent unit. Costs assigned to production. Inventory in process, July 1 5 Costs incured in July Total costs accounted for by the Siting Department Coss allocated to compieted and partially completed units invenary in process, July 1-balance To compiete invertory in process, July 1 Cost cl camplated uly 1 work in process. Gares and completed in July Transteried ho Packaging Department in July invertary in process, aldy . S1 Total costs assigoso oy the siting Deparinent bec wer. ard What Damona Fbur company manutictures four by a series of three processes, beginning with wheat grain being introduced in the Meing Departinent. From the Miting Department, the materiats pass through the Stiog and Packaging depantments. erierging as puckaged refined flour The balance in the accoourh Wook in Process Seting Department was as follows on July 1 The following costs were charged to Work in Process -sifting Depattment duting July. During July, 15,000 units of flour were completed. Work in Process-Sifting Department on July 31 was 1,300 units, 4/5 completed Required: 1. Prepare a cost or production report for the Sitting Department for July. If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. 2. Journaize the entries for costs transferred from Milling to Sinting and the costs transferred from Sitting to Packaging. Refer to the chart of accounts for the exact wording of the account titles. CNOW joumals do not use lines for spaces or fournal explanations. Every line on a journat page is used for debit or credit entries. Do not add explanations or skp a line between journal entries. CNOW journals will automatcally indent a credi entry when a credit amount is entered use the date July 31 for all journal entries. 3. Determine the increase or decrease in the cost per eowlivatent unit from June to July for direct materials and conversion costs Round your answers to the nearest cent. 4. Discuss the uses of the cost of production report and the resuts of part (3). CHART OF ACCOUNTS White Diamond Flour Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Cost of Goods Sold 141 Work in Process-Milling Department 520 Wages Expense 142 Work in Process-Sifting Department 531 Selling Expenses 143 Work in Process-Packaging Department 532 Insurance Expense 151 Factory Overhead-Milling Department 533 Utilities Expense 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packaging Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary WRITE DUAMOND FLOUR COMPANY Cost of Production Repert-sining Department For the Month Ended July 21 Equralent Units UNITS Whele Units Urits chaiged 10 production: limentory in process, Juty 1 Recelved from Miting Department Totar unts accounted for by the sifing Department Units to be assegned costs: leventory in process. July 1 (35 conpleled) Stacled and completed in July Tranofertend so Packaging Department iq Juy Inventory in process. t oy a1 (4/5 compinied) tolal unta to be assigned coss Cost per equivalent unt: Total costs for July in Sifting Department Total equivalent units Cost per equivalent unit costs assigned to produdion Inventory in process, J(ly) 1 Costs inaurred in Juyy Totai costs accoumted for by the Siting Department Costs allocated to completed and partially completed units Inventocy in process, Juty 1 balance To conpicte ifventory in process, July 1 Cost of cornpleted July 1 work in process Started and completed in July Transterred to Packaging Department in July inventory in process, Juty 31 Total costs assigned by the sining Department Buecrowin at eriempied 3. Determine the increase or decrease in the cost per equivalent unit from dune to July for drect maferials and conversion costs. Round your answers fo the nearest cent Direct matenals. Comversion. IncreaseVIncreaseV