Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

More Info Data Table bor On March 1, the Mixing Department had 550 rolls of paper in process. During March, the Mosing Department completed the

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
More Info Data Table bor On March 1, the Mixing Department had 550 rolls of paper in process. During March, the Mosing Department completed the miding process for those 550 rolls and also started and completed the miding process for an additional 3,850 rolls of paper. The department started but did not finish the mixing process for an additional 500 rols, which were 20% complete with respect to both direct materials and conversion work at the end of March Direct materials and conversion costs are incurred evenly throughout the main process In ord Beginning inventory, Mar, 1 Costs added during March Total costs Direct Direct Manufacturing Total Materials Labor Overhead Allocated Costs $ 250 $ 400 5 240 $ 890 4,700 3,705 3,080 11,485 4,950 $4,1055 3.320 5 12,375 Print Requirements Int Done Accounts 1. Prepare a production cost report for the Mixing Department for March. The company uses the weighted average method 2. Joumalize at transactions attecting the company's mising process during March Assume labor costs are accrued and not yet paid ar 31 Print Done Smith Paper Co. produces the paper used by wallpaper manufacturers Smin's four-stage process includes mbing cooking, rolling and cutting Click the conto di formation The Moong Department compled the following data for Mach: Click then to view the data) Read the requirements dolar Abbreviation Equivalent of production) Requirement 1. Prepare a production cost report for the Ming Department to March. The company uses the weighted average method found at tot per unt amount to the nearest cent and all mer amount to the nearest whole Smith Paper.Co Production Cost Report-Mixing Department Month Ended March 31 Equivalente Physical Direct Conversion UNITS Unite Material Costs Un count for Beginning work pro 550 Started in production 450 Total units to account 400 Un accounted for Completed and transferred out 3850 180 Smith Paper Co. produces the paper used by wallpaper manutacturers. Smith's four-stage process includes mbing. cooking, rolling, and cutting Click the icon to view additional Information) The Miding Department complied the following data for March Dick the icon to view the data Read the requirements Un accounted for Completed and transferred out Ending work in proces Total units accounted for 3830 550 3800 110 3850 110 3050 Direct Materials Conversion Costs Total Costs 250 4700 190 7780 700 12480 13220 4950 COSTS Costs to account for Beginning work process Cost adod curing the period Total costs to account for Divided by Total EUP Cost per event Costs counted for Ending works-procese Completed and transferred out Total costs accounted for 3000 1.25 8270 3080 21 3685 ES Smith Paper Co. produces the paper used by wallpaper manufacturers. Smith's four stage process includes moing The Moding Department compled the flowing data for March cooking, rolling and cutting the icon to view the data Click the icon to view additional Information) Read the requirements Total costs accounted for 3685 Requirement 2. Journalize all transactions affecting the company's mining process during March. Assume labor costs are scored and not yet paid Bege with a suimary journal entry to record the assigntent of direct materials, direct labor, and the location of manufacturing overhead to the Mixing Department. Prepare a single compound jourtal eney Record debts fort, then cons Eclude extant om from any purtat entries Date Accounts Debit Credit Mar 31 Prepare the journal entry to record the cost of the units completed and transfered out of the Ming Department Date Accounts Debt Credit Mar 31

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access with AI-Powered 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

Intermediate Accounting

Authors: Loren A Nikolai, D. Bazley and Jefferson P. Jones

10th Edition

324300980, 978-0324300987

Students also viewed these Accounting questions