Old MathJax webview

White Diamond Flour Company

The following costs were charged to Work in Process-Silang Department during July Direct materials transferred from Milling Department 17,800 units at $2.15 a unit $38,270 Direct labor 4.440 Factory overhead 5,339 During July 17,000 units of flour were completed Work in Process-Siftung Department on July 31 was 1,500 unds, 4/5 completed Required: 1 Prepare a cost of production report for the Sitting Department for July. If an amount is zero, enter D" Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. 2 Journalize the entries for costs transferred from Mling to Sitting and the costs transferred from Sitting to Packaging Refer to the chart or accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debitor credit entries. Do not add explanations or skip a line between Journal entries. CNOW journals will automatically indent a credit entry when a credt amount is entered. Use the date July 31 for a journal entries 3. Determine the increase or decrease in the cost per equivalent on from June to July for direct materials and conversion costs. Round your answers to the nearest cent 4. Discuss the uses of the cost of production report and the results of part (3) CHART OF ACCOUNTS White Diamond Flour Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Oost of Goods Sold 141 Work in Process-Milling Department 520 Wages Expense 142 Work in Process-Sifting Department 531 Selling Expenses 143 Work in Process-Packaging Department 532 Insurance Expense 151 Factory Overhead-Milling Department 533 Utilities Expense 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packaging Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses 181 Land 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packaging Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Cost of Production Report 1. Prepare a cost of production report for the Sinting Department for July. If an amount is zero, enter"0" Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount WHITE DIAMOND FLOUR COMPANY Cost of Production Report-Sifting Department For the Month Ended July 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production Inventory in process, July 1 700 Received from Miling Department Total units accounted for by the Sifting Department Units to be assigned costs Inventory in process, July 1 (3/5 completed) 700V Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 (4/5 completed) Total units to be assigned costs One 5 Cost of Production Report COSTS Direct Materials Conversion Total Cost per equivalent unit Total costs for July in Sifting Department $ Total equivalent units Cost per equivalent unit S $ Costs assigned to production: Inventory in process, July 1 $ Costs incurred in July Total costs accounted for by the Sifting Department $ Costs allocated to completed and partially completed units: Inventory in process, July 1-balance $ To complete inventory in process, July 1 S $ Cost of completed July 1 work in process $ Started and completed in July Transferred to Packaging Department in July $ Inventory in process, July 31 Total costs assigned by the Sitting Department Journal Shaded cells have feedbac 2 Journalize the entries for costs transferred from Milling to sifting and the costs transferred from Sifting to Packaging. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Ines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when e credit amount is entered Use the date July 31 for all journal entries Question not attempted. PAGE 10 JOURNAL Score: 0/51 ACCOUNTING EQUATION DATE DESCRIPTION POST. REE DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 1 3 1 FPoints 0/10 Shadeu Final Questions 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Round your answers to the nearest cent. Direct materials: $ Conversion $ Points: 014 4. Discuss the uses of the cost of production report and the results of part (3) The cost of production report may be used as the basis for allocating product costs between vand The report can also be used to control costs by holding each department head responsible for the units entering production and the costs incurred in the department. Any differences in unit product costs from one month to another, such as those in part (3), can be studied carefully and any significant differences investigated. Points: 072 Feedback v v Check My Works 3. Compare the cost per equivalent unit for June and July 4 Review the benefits of the cost of production report White Diamond Flour Company manufactures flour by a series of three processes, beginnir The balance in the account Work in Process-Sifting Department was as follows on July 1: Work in Process-Sifting Department (700 units, 3/5 completed): Direct materials (700 - $2.05) $1,435 Conversion (700 315 $0.50) 210 $1,645 The following costs were charged to Work in Process-Sifting Department during July: Direct materials transferred from Milling Department 17,800 units at $2.15 a unit $38,270 Direct labor 4,440 Factory overhead 5,339 During July, 17,000 units of flour were completed. Work in Process-Sifting Department on July 31 Required: 1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero the nearest cent and final answers to the nearest dollar amount. 2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred accounts for the exact wording of the account titles. CNOW joumals do not use lines fors page is used for debit or credit entries. Do not add explanations or skip a line between jou a credit entry when a credit amount is entered Use the date July 31 for all journal entries. 3. Determine the increase or decrease in the cost per equivalent unit from June to July for d. answers to the nearest cent. 4. Discuss the uses of the cost of production report and the results of part (3). The following costs were charged to Work in Process-Silang Department during July Direct materials transferred from Milling Department 17,800 units at $2.15 a unit $38,270 Direct labor 4.440 Factory overhead 5,339 During July 17,000 units of flour were completed Work in Process-Siftung Department on July 31 was 1,500 unds, 4/5 completed Required: 1 Prepare a cost of production report for the Sitting Department for July. If an amount is zero, enter D" Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. 2 Journalize the entries for costs transferred from Mling to Sitting and the costs transferred from Sitting to Packaging Refer to the chart or accounts for the exact wording of the account titles. CNOW journals do not use lines for spaces or journal explanations. Every line on a journal page is used for debitor credit entries. Do not add explanations or skip a line between Journal entries. CNOW journals will automatically indent a credit entry when a credt amount is entered. Use the date July 31 for a journal entries 3. Determine the increase or decrease in the cost per equivalent on from June to July for direct materials and conversion costs. Round your answers to the nearest cent 4. Discuss the uses of the cost of production report and the results of part (3) CHART OF ACCOUNTS White Diamond Flour Company General Ledger ASSETS REVENUE 110 Cash 410 Sales 121 Accounts Receivable 610 Interest Revenue 125 Notes Receivable 126 Interest Receivable EXPENSES 131 Materials 510 Oost of Goods Sold 141 Work in Process-Milling Department 520 Wages Expense 142 Work in Process-Sifting Department 531 Selling Expenses 143 Work in Process-Packaging Department 532 Insurance Expense 151 Factory Overhead-Milling Department 533 Utilities Expense 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packaging Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses 181 Land 152 Factory Overhead-Sifting Department 534 Supplies Expense 153 Factory Overhead-Packaging Department 540 Administrative Expenses 161 Finished Goods 561 Depreciation Expense-Factory 171 Supplies 590 Miscellaneous Expense 172 Prepaid Insurance 710 Interest Expense 173 Prepaid Expenses 181 Land 191 Factory 192 Accumulated Depreciation-Factory LIABILITIES 210 Accounts Payable 221 Utilities Payable 231 Notes Payable 236 Interest Payable 251 Wages Payable EQUITY 311 Common Stock 340 Retained Earnings 351 Dividends 390 Income Summary Cost of Production Report 1. Prepare a cost of production report for the Sinting Department for July. If an amount is zero, enter"0" Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount WHITE DIAMOND FLOUR COMPANY Cost of Production Report-Sifting Department For the Month Ended July 31 Equivalent Units UNITS Whole Units Direct Materials Conversion Units charged to production Inventory in process, July 1 700 Received from Miling Department Total units accounted for by the Sifting Department Units to be assigned costs Inventory in process, July 1 (3/5 completed) 700V Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 (4/5 completed) Total units to be assigned costs One 5 Cost of Production Report COSTS Direct Materials Conversion Total Cost per equivalent unit Total costs for July in Sifting Department $ Total equivalent units Cost per equivalent unit S $ Costs assigned to production: Inventory in process, July 1 $ Costs incurred in July Total costs accounted for by the Sifting Department $ Costs allocated to completed and partially completed units: Inventory in process, July 1-balance $ To complete inventory in process, July 1 S $ Cost of completed July 1 work in process $ Started and completed in July Transferred to Packaging Department in July $ Inventory in process, July 31 Total costs assigned by the Sitting Department Journal Shaded cells have feedbac 2 Journalize the entries for costs transferred from Milling to sifting and the costs transferred from Sifting to Packaging. Refer to the chart of accounts for the exact wording of the account titles. CNOW journals do not use Ines for spaces or journal explanations. Every line on a journal page is used for debit or credit entries. Do not add explanations or skip a line between journal entries. CNOW journals will automatically indent a credit entry when e credit amount is entered Use the date July 31 for all journal entries Question not attempted. PAGE 10 JOURNAL Score: 0/51 ACCOUNTING EQUATION DATE DESCRIPTION POST. REE DEBIT CREDIT ASSETS LIABILITIES EQUITY 1 1 3 1 FPoints 0/10 Shadeu Final Questions 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Round your answers to the nearest cent. Direct materials: $ Conversion $ Points: 014 4. Discuss the uses of the cost of production report and the results of part (3) The cost of production report may be used as the basis for allocating product costs between vand The report can also be used to control costs by holding each department head responsible for the units entering production and the costs incurred in the department. Any differences in unit product costs from one month to another, such as those in part (3), can be studied carefully and any significant differences investigated. Points: 072 Feedback v v Check My Works 3. Compare the cost per equivalent unit for June and July 4 Review the benefits of the cost of production report White Diamond Flour Company manufactures flour by a series of three processes, beginnir The balance in the account Work in Process-Sifting Department was as follows on July 1: Work in Process-Sifting Department (700 units, 3/5 completed): Direct materials (700 - $2.05) $1,435 Conversion (700 315 $0.50) 210 $1,645 The following costs were charged to Work in Process-Sifting Department during July: Direct materials transferred from Milling Department 17,800 units at $2.15 a unit $38,270 Direct labor 4,440 Factory overhead 5,339 During July, 17,000 units of flour were completed. Work in Process-Sifting Department on July 31 Required: 1. Prepare a cost of production report for the Sifting Department for July. If an amount is zero the nearest cent and final answers to the nearest dollar amount. 2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred accounts for the exact wording of the account titles. CNOW joumals do not use lines fors page is used for debit or credit entries. Do not add explanations or skip a line between jou a credit entry when a credit amount is entered Use the date July 31 for all journal entries. 3. Determine the increase or decrease in the cost per equivalent unit from June to July for d. answers to the nearest cent. 4. Discuss the uses of the cost of production report and the results of part (3)