I am stuck at finished goods. Please explain answer.
10/1/2018 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Work in process account data for two months cost of production reports Instructions Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and lling processes. Materials are entered from the cooking process at the beginning of the lling process. The inventory of Work in ProcessFilling on April 1 and debits to the account during April were as follows: Bal., 800 units, 30% completed: Direct materials (800 $4.40) Conversion (800 30% $1.75) $3,520 420 $3,940 From Cooking Department, 7,700 units $34,650 Direct labor 8,540 Factory overhead 4,580 During April, 800 units in process on April 1 were completed, and of the 7,700 units entering the department, all were completed except 600 units that were 90% completed. Charges to Work in ProcessFilling for May were as follows: From Cooking Department, 9,500 units $44,650 Direct labor 12,000 Factory overhead 4,916 During May, the units in process at the beginning of the month were completed, and of the 9,500 units entering the department, all were completed except 250 units that were 35% completed. Required: 1. (a) Enter the balance as of April 1, in a four-column account for Work in Process-Filling. Record the debits and the credits in the account for April. (b) Construct a cost of production report, and present computations for determining i. equivalent units of production for materials and conversion. ii. costs per equivalent unit.* iii. cost of goods nished, differentiating between units started in the prior period and units started and nished in April.* iv. work in process inventory.* * If an amount is zero, enter "0". Round your cost per unit answers to the nearest cent and nal answers to the nearest dollar amount. 2. (a) Provide the same information for May by recording the May transactions in the four-column work in process account. (b) Construct a cost of production report, and present the May computations i through(iv) listed in part 1(b). 3. Comment on the change in costs per equivalent unit for March through May for direct materials and conversion costs. Work in ProcessFilling Account Shaded cells have feedback. 1(a). Enter the balance as of April 1, in a four-column account for Work in Process-Filling. Record the debits and the credits in the account for April. 2(a). Provide the same information for May by recording the May transactions in the four-column work in process account. https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignmenttake&inprogress=false 1/2 10/1/2018 CengageNOWv2 | Online teaching and learning resource from Cengage Learning Work in ProcessFilling 1 2 Date Apr. 1 Item Score: 4 Debit Credit Balance Dr. Balance 3,940.00 34,650.00 38,590.00 Balance 3 30 Cooking Department 4 30 Direct labor 8,540.00 47,130.00 5 30 Factory overhead 4,580.00 51,710.00 6 30 Finished goods 7 30 Balance 8 May 31 9 31 Direct labor 10 31 Factory overhead 11 31 Finished goods 12 31 Balance Cooking Department Points: 9.2 Feedback Check My Work 1(a) and 2(a). Credit amounts are determined from the supporting cost of production reports. https://v2.cengagenow.com/ilrn/takeAssignment/takeAssignmentMain.do?invoker=assignments&takeAssignmentSessionLocator=assignmenttake&inprogress=false 2/2
