Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

need help with the following Cullumber Company manufactures bowling balls through two processes: Molding and Packaging. In the Molding Department, the urethane, rubber, plastics, and

need help with the following

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed
Cullumber 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 nished goods warehouse. All materials are entered at the beginning of each process. Labor and manufacturing overhead are incurred uniformlythroughout each process. Production and cost data for the Molding Department duringJune 2022 are presented below. Production Data June Beginning work in process units 0 Units started into production 22,660 Ending work in process units 2,050 Percent completeending inventory 40 % Cost Data Materials $215,270 Labor 55,200 Overhead 126,955 Total $397,425 Prepare a schedule showing physical units of production. Physical units Units to be accounted for Work in process, June 1 0 Started into production 22,660 Total units 22,660 Units accounted for Transferred out 20,610 Work in process, June 30 2050 Total units 22,660 eTextbook and Media Attempts: 1 of 4 used (b) Determine the equivalent units of production for materials and conversion costs. Materials Conversion Costs Total equivalent unitsCompute the unit costs of production. (Round unit costs to 2 decimal places, e.g. 2.25.) Materials Conversion Costs Total Unit Cost Unit Costs 231660 Your answer is incorrect. Try again. Determine the costs to be assigned to the units transferred and in process for June. Transferred out Work in process, June 30Molding Department Production Cost Report For the Month Ended June 30, 2017 Equivalent Units Physical Conversion Quantities Units Materials Costs 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 Costs Total 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

Asymmetric Cost Behavior Implications For The Credit And Financial Risk Of A Firm

Authors: Kristina Reimer

1st Edition

3658228210, 9783658228217

More Books

Students also viewed these Accounting questions

Question

What has been the evolution of HRM?

Answered: 1 week ago

Question

What would you do?

Answered: 1 week ago