Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help in ALL REQUIREMENTS. please add work/steps. thank you in advance. 26 Scribners Corporation produces fine papers in three production departments --Pulping, Drying and

need help in ALL REQUIREMENTS. please add work/steps. thank you in advance.
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
26 Scribners Corporation produces fine papers in three production departments --Pulping, Drying and Finishing in the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are fald down on porous webs pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted average method in its process costing system Data for March for the Drying Department follow 0.74 points Skipped Units 2,600 5,000 753 eBook Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Pulping conversion 100% Her 100% 5 1.4 5 950 158,00 58.730 5 62,195 Print References No materials are added in the Drying Department Puiping cost represents the costs of the wet fibers transferred in from the Puiping Department. Wet fiber is processed in the Drying Department in batches: each unit in the above table is a batch and one batch of wet Tibers produces a set amount of dried paper that is passed on to the Finishing Department Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion and in total for March 4 Compute the Drying Department's cost of units transferred out to the Finishing Department for Duting conversion, and in total in March 5. Prepare a cost reconciliation report for the Drying Department for March and answers in the tabs below. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the Drying Department's equivalent units of production for pulping and conversion in March. Pulping Conversion Equivalent units of production Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. (Ro decimal places.) Pulping Conversion Cost per equivalent unit 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, March 5. Prepare a cost reconciliation report for the Drying Department for March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. (Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Cost of ending work in process inventory 5. Prepare a cost reconciliation report for the Drying Department for March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. (Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Cost of units completed and transferred out Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for the Drying Department for March. (Round your intermediate calculations to 2 decimal places.) Drying Department Cost Reconciliation Costs to be accounted for $ 0 Total cost to be accounted for Costs accounted for as follows: $ 0 Total cost accounted for Duired

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

Applying IFRS Standards

Authors: Ruth Picker, Kerry Clark, John Dunn, David Kolitz, Gilad Livne, Jance Loftus, Leo Van Der Tas

4th Edition

1119159229, 9781119159223

More Books

Students also viewed these Accounting questions