Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

part2 the first picture contains all the information to do the problem i'm not sure what values you need. Healthy Selections Cereals, Incorporated (HSC) is

image text in transcribed
image text in transcribed
image text in transcribedpart2
image text in transcribed
image text in transcribed
the first picture contains all the information to do the problem i'm not sure what values you need.
Healthy Selections Cereals, Incorporated (HSC) is a large food-processing company specializing in whole-grain, high-energy, lowcalorie, and low-fat cereals that appeal to the health-conscious consumer. HSC has a premium image in the market, and most of its customers are loyal and willing to pay a bit extra to get the healthy choice that HSC offers. HSC's cereals are made in a series of processes that begin with sorting, cleaning, preparing, and inspecting the direct materials (grains, nuts, and other ingredients). The materials are then mixed and processed for consistency, cooked, given a final inspection, and packaged. All materials are added only at the beginning of the first process. The inspections in the first and final processes are made at the end of those respective processes, so all direct materials and conversion costs are lost for any defective units defected at the inspection point. The company uses weighted-average process costing and accounts for all waste as normal spollage. Currently, commodity prices are rising sharply, affecting the costs of many of the ingredients in HSC's products. The CFO, noting the sharp rise in the cost of the company's direct materials, has considered using the FiFO method. The following data are for the first process for the current month. All output is measured in pounds. The cost information for the first process is as follows: Required: 1. Prepare a production cost report for the first process using the weighted-average method 2. Prepare a production cost report for the first process using the FIFO method Complete this question by entering your answers in the tabs below. Prepare a production cost report for the first process using the FIFo method. (Round "Cost per Eu" to 4 decimal places. Round your final answers to nearest whole dollar amount. Negative amounts should be indicaked by a minus sign.] \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Healthy Selections Cereals, Inc. (HSC) } \\ \hline \multicolumn{6}{|c|}{ Production Cost Report } \\ \hline & \multicolumn{5}{|c|}{ Production Information } \\ \hline & \multirow[b]{2}{*}{ Physical Units } & \multirow{2}{*}{\multicolumn{2}{|c|}{ Completion Percentage }} & \multicolumn{2}{|c|}{ WA Equir Units } \\ \hline & & & & \begin{tabular}{l} Direct \\ Materials \end{tabular} & Conversion \\ \hline \multicolumn{6}{|l|}{ Input: } \\ \hline \multicolumn{6}{|l|}{ Beginning WIP } \\ \hline Direct materials & & & % & & \\ \hline Conversion & & & % & & \\ \hline \multicolumn{6}{|l|}{ Units started or trans-in } \\ \hline Total to account for & 0 & & & & \\ \hline \multicolumn{6}{|l|}{ Output: } \\ \hline Units finish or trans-out & & & % & & \\ \hline Normal spoilage & & & % & & \\ \hline \multicolumn{6}{|l|}{ Ending WIP } \\ \hline Direct materials & & & % & & \\ \hline Conversion & & & % & & \\ \hline Total accounted for & 0 & & & & \\ \hline Equivalent Units & & & & 0 & 0 \\ \hline \end{tabular} \begin{tabular}{|c|c|c|c|c|c|} \hline \multicolumn{6}{|c|}{ Healthy Selections Cereals, Inc. (HSC) } \\ \hline \multicolumn{6}{|c|}{ Production Cost Report } \\ \hline & \multicolumn{5}{|c|}{ Production Information } \\ \hline & & & & \multicolumn{2}{|c|}{ FIFO Equiv Units } \\ \hline & Physical Units & \multicolumn{2}{|c|}{ Completion Percentage } & \begin{tabular}{c} Direct \\ Materials \end{tabular} & Conversion \\ \hline \\ \hline \multicolumn{6}{|l|}{ Beginning WIP } \\ \hline Direct matorials & & & % & & \\ \hline Conversion & & & % & & \\ \hline \multicolumn{6}{|l|}{ Units started or trans in } \\ \hline \multicolumn{6}{|l|}{ Total to account for } \\ \hline \multicolumn{6}{|l|}{ Output: } \\ \hline Units finish or trans-out & 40 & & % & & \\ \hline Normal spoilage & & & % & & \\ \hline \multicolumn{6}{|l|}{ Ending WIP } \\ \hline Direct materials & 8 & & % & & \\ \hline Conversion & & & % & & \\ \hline Total accounted for & 0 & & & & z \\ \hline Equivalent units & & & & 0 & 0 \\ \hline \end{tabular}

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_2

Step: 3

blur-text-image_3

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

Auditing An International Approach

Authors: Wally J. Smieliauskas, Kathryn Bewley

7th edition

1259259870, 1259087468, 70968292, 978-1259087462

More Books

Students also viewed these Accounting questions

Question

Explain how to reward individual and team performance.

Answered: 1 week ago