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18 D F G H I E Name A B Weighted Average Costing Process Costing Wanda Company produces its finished product in two processing departments--Mixing and Finishing. The following information is available for the month of March: Mixing Department: The beginning work-in-process inventory was $43,630 ($31,680 direct materials and $11,950 conversion costs) and consisted of 2,200 units. During March, an additional 17,100 units were started into production. A total of 15,800 units were completed and transferred out to the Finishing Department. The ending work-in-process inventory consisted of 3,500 units which were 40% complete as to conversion costs. The following costs were incurred during March: direct materials $244,310, direct labor $150,000; and factory overhead $157,970. Direct materials are added at the beginning of the process in the Mixing Department and conversion costs are incurred evenly throughout the production process. 1 2 3 4 s 6 7 8 9 0 -2 23 24 25 26 27 28 19 Finishing Department: The beginning work in process inventory was $136,270 ($105,770 transferred-in costs and $30,500 conversion costs) and consisted of 3.100 units. During March, a total of 16,300 units were completed and transferred out to Finished Goods Inventory. The ending work in process inventory consisted of 2,600 units which were 60% complete as to conversion costs The following costs were incurred during March: direct materials S247,760; direct labor $200,000; and factory overhead costs $205,284. Direct materials are added at the end of the process in the Finishing Department and conversion costs are incurred evenly throughout the production process. 30 2 3 REQUIRED: A. Prepare a production report for March for the Mixing Department B. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March Account Titles DR OR 5 26 Checkpoint 1 H X x AB D E F G conversion costs are incurred evenly throughout the production process. REQUIRED: A. Prepare a production report for March for the Mixing Department. B. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March Account Titles DR CR C. Prepare a production report for March for the Finishing Department D. Give the general journal entry to record the completion of the units in the Finishing Department for March Account Titles DR CR E. Make the appropriate entries in the Work in Process T-accounts of the Mixing and Finishing Departments: WIP-Mixing WIP-Finishing F. Why is computing cost of goods sold in process costing problematie? Checkpoint #1 18 D F G H I E Name A B Weighted Average Costing Process Costing Wanda Company produces its finished product in two processing departments--Mixing and Finishing. The following information is available for the month of March: Mixing Department: The beginning work-in-process inventory was $43,630 ($31,680 direct materials and $11,950 conversion costs) and consisted of 2,200 units. During March, an additional 17,100 units were started into production. A total of 15,800 units were completed and transferred out to the Finishing Department. The ending work-in-process inventory consisted of 3,500 units which were 40% complete as to conversion costs. The following costs were incurred during March: direct materials $244,310, direct labor $150,000; and factory overhead $157,970. Direct materials are added at the beginning of the process in the Mixing Department and conversion costs are incurred evenly throughout the production process. 1 2 3 4 s 6 7 8 9 0 -2 23 24 25 26 27 28 19 Finishing Department: The beginning work in process inventory was $136,270 ($105,770 transferred-in costs and $30,500 conversion costs) and consisted of 3.100 units. During March, a total of 16,300 units were completed and transferred out to Finished Goods Inventory. The ending work in process inventory consisted of 2,600 units which were 60% complete as to conversion costs The following costs were incurred during March: direct materials S247,760; direct labor $200,000; and factory overhead costs $205,284. Direct materials are added at the end of the process in the Finishing Department and conversion costs are incurred evenly throughout the production process. 30 2 3 REQUIRED: A. Prepare a production report for March for the Mixing Department B. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March Account Titles DR OR 5 26 Checkpoint 1 H X x AB D E F G conversion costs are incurred evenly throughout the production process. REQUIRED: A. Prepare a production report for March for the Mixing Department. B. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March Account Titles DR CR C. Prepare a production report for March for the Finishing Department D. Give the general journal entry to record the completion of the units in the Finishing Department for March Account Titles DR CR E. Make the appropriate entries in the Work in Process T-accounts of the Mixing and Finishing Departments: WIP-Mixing WIP-Finishing F. Why is computing cost of goods sold in process costing problematie? Checkpoint #1
