Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

III. Gulf Coast Co. began operations in March producing orange juice. Finished orange juice must go through two departments: Juicing Department then the Bottling Department.

image text in transcribed
image text in transcribed
III. Gulf Coast Co. began operations in March producing orange juice. Finished orange juice must go through two departments: Juicing Department then the Bottling Department. There were no beginning inventories in the month of March. During March, the juicing department began 22,000 gallons of orange juice. March direct materials costs in the Juicing Department totaled $20,800 and conversion costs totaled $12,200. Ending inventory of the Juicing Department on March 31" consisted of 1000 gallons that was 80% complete as to materials and 40% complete as to conversion costs. a) Prepare a schedule showing 1) no. of gallons transferred from Juicing Department to the Bottling Department in March 2) gallons started and completed by the Juicing Department b) Compute the equivalent units of input resources for the Juicing Department in March c) Compute the cost per equivalent unit of input resource for Juicing Department Compute the total cost assigned to the Juicing Department's ending inventory in March Production Report Physical Flow of Units Beginning Work in Process Units Started Total Units To Account For Less: Ending Work In Process Units Completed and Transferred Out Less: Beginning Work In Process Units Started and Completed DM Conversion Computation of Equivalent Units To finish Beginning WIP for Direct Materials for Conversion Units Started and Completed Ending WIP: for Direct Materials for Conversion Equivalent Units DM Conversion Cost Per Equivalent Unit Cost of Direct Materials and Conversion Equivalent Units Cost per Equivalent Unit Total Cost of units Transferred Cost of Beginning Inventory Direct Materials Conversion Cost Total Cost of Units Transferred Total Cost of Ending WIP Inventory Direct Materials Conversion Total Cost of Ending WIP Inventory

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

ICSA Study Text In Management Accounting

Authors: Richard Lyall

4th Edition

186072308X, 978-1860723087

Students also viewed these Accounting questions