Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Marigold Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into

image text in transcribedimage text in transcribedimage text in transcribed

Marigold Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and other materials are molded into bowling balls. In the Packaging Department, the balls are placed in cartons and sent to the finished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformly throughout each process. Production and cost data for the Molding Department during June 2020 are presented below. Production Data Beginning work in process units Units started into production Ending work in process units Percent complete-ending inventory June 0 22,660 2,060 40% Cost Data Materials Labor Overhead Total $203,940 55,208 116,184 $375,332 (a) Your answer is correct. Prepare a schedule showing physical units of production. Physical units Units to be accounted for Work in process, June 1 Started into production 0 22660 Total units 22660 Units accounted for Transferred out 20600 Work in process, June 30 2060 Total units 22660 (b) Your answer is correct. Determine the equivalent units of production for materials and conversion costs. Materials Conversion Costs Total equivalent units 22660 21424 eTextbook and Media Attempts: 1 of 3 used (c) Your answer is correct. Compute the unit costs of production. Materials Conversion Costs Total Unit Cost Unit Costs $ 9 $ $ 8 $ 17 e Textbook and Media Attempts: 1 of 3 used (d) Your answer is correct. Determine the costs to be assigned to the units transferred out and in process for June Transferred out $ 350200 Work in process, June 30 $ 25132 eTextbook and Media Assistance Used eTextbook 1 eTextbook 2 Media Attempts: 1 of 3 used Prepare a production cost report for the Molding Department for the month of June. MARIGOLD COMPANY Molding Department Production Cost Report For the Month Ended June 30, 2020 Equivalent Units Conversion Materials Costs Physical Units Quantities Units to be accounted for Work in process, June 1 Started into production Total units Units accounted for Transferred out Work in process, June 30 Total units Conversion Costs Materials Total Costs Unit costs $ $ $ Total Costs Equivalent units Unit costs $ $ $ Costs to be accounted for Work in process, June 1 Started into production $ Total costs $ Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, June 30 $ Materials $ Conversion costs Total costs $

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

Accounting Concepts And Applications

Authors: K. Fred Skousen, W. Steve Albrecht, James D. Stice, Earl K. Stice

7th Edition

0538876247, 978-0538876247

More Books

Students also viewed these Accounting questions