Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Jonathan has noticed that his production manager has omitted some of the data on the cost of Production. Determine the mis amount or an amount

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Jonathan has noticed that his production manager has omitted some of the data on the cost of Production. Determine the mis amount or an amount is zero, enter "0". Round your per-unit computations to the nearest cent, if required. Grainy Goodness Company Cost of Production Report-Mixing Department For the Month Ended March 31 Unit Information Units charged to production: inventory in process, March 1 Received from materials storeroom Total units accounted for by the Mixing Department Units to be assigned costs: 2,000 38,000 40,000 Whole Units Equivalent Units Direct Materials Conversion 0 1,300 35,000 35,000 2.000 35,000 37,000 35,000 36,300 Inventory in process, March 1 (35% completed) Started and completed in March Transferred to Baking Department in March Inventory in process, March 31 (80% completed) Total units to be assigned costs 3,000 3,000 2,400 40,000 38,000 38,700 Cost Information Cnstner Antusiant unit Cost Information Cost per equivalent unit: Total costs for March in Mixing Department Total equivalent units Direct Materials $40,660 38,000 Conversion $36,765 38,700 1.07 $ 0.95 Cost per equivalent unit Costs assigned to production: Direct Materials $2,200 Conversion $525 Total $2,725 77,425 $80,150 Inventory in process, March 1 Costs incurred in March Total costs accounted for by the Mixing Department Cost allocated to completed and partially completed units: Inventory in process, March 1-balance To complete inventory in process, March 1 Cost of completed March 1 work in process Started and completed in March Transferred to Baking Department in March Inventory in process, March 31 $2,725 1,235 0 1,235 37,450 $3,960 70,700 33,250 74,660 3,210 2,280 5,490 Total costs assigned by the Mixing Department 80,150 February Cost Analysis Determine the cost per unit of direct materials and for conversion for the month of February using the completed data on the cost of Production. Round your per-unit computations to the nearest cent, if required. Cost Analysis for February - Mixing Department Amount Equivalent Units Cost per Unit Direct Materials in inventory in process, March 1 2,200 2,000 1.10 Conversion costs in inventory in process, March 1 600 X 800 X 0.75 Total cost per unit 1.85 March Cost Analysis Determine the cost per unit of direct materials and for conversion for the month of March using the completed data on the Cost of Production. Round your per-unit computations to the nearest cent, if required. Cost Analysis for March-Mixing Department Amount Equivalent Units Cost per Unit Costs for March: Direct Materials 40,660 38,000 1.07 Costs for March: Conversion 36,670 x 38,600 X 0.95 2.02 Total cost per unit Journal On March 31, using the data provided on the cost of Production, Journalize the entry to move the appropriate amount of cost from the Mixing Department to the Baking Department. If an amount box does not require an entry, leave it blank Mar 31 Work in Process-Baking Work in Process-Mixing 88 Feedback Oh My Wor Chapter 03 Mastery (Mastery) MPDX01 ALGO Investigate a detailed breakdown of conversion costs to determine the source of the higher per unit cost What per unit costs have increased in March when compared to February? How can you tell what is that change) Journal On March 31, using the data provided on the cost of production, journal the entry to move the appropriate amount of cost from the De Baking Department. If an amount box does not require an entry, leave it blank Mar 31 Work In Process-Baking Work In Process-Mixing 68 Review the cost of Production Report you prepared to determine the amount of cost that was transferred from the Ming Department to the Department in March F

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

Using QuickBooks Online For Accounting 2022

Authors: Glenn Owen

5th Edition

0357516532, 9780357516539

More Books

Students also viewed these Accounting questions