need help solving 1 a) b) and c) and need the T-accounts filled out using the following info
used to solve questions above
these are correct answers used to solve
Use Question 7 from HW3: (Ch 5 & 14) for Sunspot Beverages to complete the requirements for the project. Remember that Sunspot Beverages., Ltd of Fiji makes blended tropical fruit drinks in TWO stages (using TWO departments and TWO Work-in-Process inventory accounts). Fruit juices are extracted from fresh fruits and blended in the BLENDING Department. Once the product leaves the Blending Department, costs are transferred out of WIP-Blending and into WIP-Bottling. The Blending Department was analyzed in Question 7 of HW3 on CONNECT. Highlighted amounts provided as check figures. Use these Inventory T-accounts for Sunspot Beverages month of June as directed in the requirements below. WIP-Blending WIP-Bottling Raw Material Inventory Bal 6/1 120,000 Finished Goods Inventory Bal 6/1 -0- Bal 6/30 98,000 Bal 6/30 -0- 1) Accounting for first department: For the BLENDING Department: a) Use the information "given" in CONNECT and include the June beginning account balance for WIP-Blending in the T account above. b) Use the "given" information and your "results from CONNECT to write the journal entries for the following transactions as the relate to the account WP-Blending during June. 1) Direct Material requested and added to the Blending department during June. ii) Assume 45% of the Conversion costs are direct labor. Write the journal entry to record the wages for June in the Blending Department. iii) Write the journal entry to record the overhead applied to the Blending Department for June. Remember - Conversion costs are direct labor and overhead. iv) Write the journal entry to record the costs for the items completed and transferred out of Blending Department and moved/added to Bottling Department. This JE should DECREASE WIP-Blending account and INCREASE WIP-Bottling account. The dollar amount of this JE should be your answer in the 2nd to last row in the table of requirement 5 on CONNECT. c) Post the journal entries from b) above to the T-accounts above. Determine the ending balance for WIP-Blending. The ending balance should equal the dollar value in the top row of requirement 3 in your CONNECT problem. Check that it does. viroments below relate to June activity in the ding that was analyzed on Sunspot Beverages, Ltd., of Fiji uses the weighted average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June Percent Completed Materials Conversion 708 408 Work in process, beginning Started into production Completed and transferred out Work in process, ending Units 56,000 290,500 280,500 66,000 756 25$ Work in process, beginning Cost added during June Materials Conversion $ 19,100 $ 5,900 $ 205,300 $ 124,780 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June. Awe Material Conversion Equivalent units of production 330,000 1297,000 EUP Weighted Average Method Units TRANSFERRED Units of ENDING WIP Units 280.500 66,000 EUP Materials 500 149.500 hos Conversion EUP Conversion hoon 30.500 16.500 Equivalent Units of Production 330,000 297,000 Material $ Cost per Equivalent Conversion s 0.40 Material 5 COST Der EUP cost of Beginning WIP Cost incurred during the Conversion S 5.900.00 S Costs Total Costs Equivalent units of production 5 205.300.00 5 224,400.00 230.000 5 130,680.00 297.000 TUP Cost per EUP 0.68000 5 44000 . Cost of ending WP Material $ 33.660.00 Conversion 3 2,260.00 $ 20.920.00 Cost of ending EUP Cost per UP Total Cost s 60.00 - Direct Materials 49,500 Conversion 16,500 Total cost of inding WP 40 0 20.00 Material S 00.00 Conversion S Cost of its completed pranerred out S 140.00 Cost of Units Transferred Out EUP - Direct Materials 280,500 - Conversion 280,500 Cost per EUP Total cost S 0,68 190,000 0.44 123.670.00 Total Cost transferred Out 14.160.00 Cests to be accounted for: Cost of Beginning WIP Inventory 2.000.00 Cost added to production during the period 330 000.00 Total Cost to be accounted for 55,000.00 Costcounted for follows: Cost of units transferred out Costel Ending WP IS 1400.00 S 40,920.00 Total Cost accounted for 55000.00 partment's cost of ending work in process inventory for mate 4. Calculate the Blending Department's cost of units transferred out to the Bottling Depar for June. 5. Prepare a cost reconciliation report for the Blending Department for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the Blending Department's equivalent units of production for materials and conver Materials 330,000 Conversion 297,000 Equivalent units of production Required 1 Required 2 > tion for materials and c 2. Calculate the Blending Department's cost per equivalent unit for materials and conver 3. Calculate the Blending Department's cost of ending work in process inventory for mat 4. Calculate the Blending Department's cost of units transferred out to the Bottling Depan for June. 5. Prepare a cost reconciliation report for the Blending Department for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the Blending Department's cost per equivalent unit for materials and conversion in decimal places.) Materials Conversion $ 0.44 Cost per equivalent unit $ 0.68
