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1. Cold Spring produces premium bottled water. Cold Spring purchases artesian water, stores the water in large tanks, and then runs the water through two processes: filtration and bottling. During February, the filtration process incurred the following costs in processing 190,000 liters: Cold Spring had no beginning inventory in the Filtration Department in February. Requirements R1. Compute the February conversion costs in the Filtration Department. R2. The Filtration Department completely processed 190,000 liters in February. What was the filtration cost per liter? 2. Refer to exercise 1. At Cold Spring, water is added at the beginning of the filtration process. Conversion costs are added evenly throughout the process. Now assume that in February, 125,000 liters were completed and transferred out of the Filtration Department into the Bottling Department. The 65,000 units remaining in Filtration's Ending work in process inventory were 80% of the way through the filtration process. Recall that Cold Spring has no beginning inventories. Requirements R1. Draw a time line for the filtration process. R2. Compute the equivalent units of direct materials and conversion costs for the Filtration Department. 3. The Mixing Department of Best Foods had 52,000 units to account for in October. Of the 52,000 units, 26,000 units were completed and transferred to the next department, and 26,000 units were 25% complete. All of the materials are added at the beginning of the process. Conversion costs are added equally throughout the filtration process. Requirement Compute the total equivalent units of direct materials and conversion costs for October. 4. Refer to the data in exercise 3 and your results for equivalent units. The Mixing Department of Best Foods has direct materials costs of $44,000 and conversion costs of $18,100 for October. Requirement 1 Compute the cost per equivalent unit for direct materials and for conversion costs. 5. Refer to exercises 3 and 4. Use Best Foods' costs per equivalent unit for direct materials and conversion costs that you calculated in exercise 4. Requirement Calculate the cost of the 26,000 units completed and transferred out and the 26,000 units, 25% complete, in the Ending work in process inventory. 2 6. Consider the following incomplete data: Requirement Calculate the missing items. 7. Paulson Winery in Napa Valley, California, has two departments: Fermenting and Packaging. Direct materials are added at the beginning of the fermenting process (grapes) and at the end of the packaging process (bottles). Conversion costs are added evenly throughout each process. Data from the month of March for the Fermenting Department are as follows: Requirements R1. Draw a time line for the Fermenting Department. R2. Use the time line to help you compute the equivalent units for direct materials and for conversion costs. R3. Compute the total costs of the units (gallons) a. Completed and transferred out to the Packaging Department. b. In the Fermenting Department Ending work in process inventory. 3 8. Refer to the data and your answers from exercise 7. Requirements R1. Present the journal entries to record the assignment of Direct materials and Direct labor and the allocation of Manufacturing overhead to the Fermenting Department. Also give the journal entry to record the cost of the gallons completed and transferred out to the Packaging Department. R2. Post the journal entries to the Work in process inventoryFermenting Taccount. What is the ending balance? R3. What is the average cost per gallon transferred out of Fermenting into Packaging? Why would Paulson Winery's managers want to know this cost? 9. Clear Water Company produces premium bottled water. In the second department, the Bottling Department, conversion costs are incurred evenly throughout the bottling process, but packaging materials are not added until the end of the process. Costs in Beginning work in process inventory include transferred in costs of $1,400, direct labor of $500, and manufacturing overhead of $430. February data for the Bottling Department follow: Requirements R1. Draw a time line. R2. Compute the Bottling Department equivalent units for the month of February. Use the weighted-average method. R3. Compute the cost per equivalent unit for February. R4. Assign the costs to units completed and transferred out and to Ending inventory. R5. Prepare the journal entry to record the cost of units completed and transferred out. R6. Post all transactions to the Work in process inventoryBottling Department Taccount. What is the ending balance? 4 10. 1. Hall's Exteriors produces exterior siding for homes. The Preparation Department begins with wood, which is chopped into small bits. At the end of the process, an adhesive is added. Then the wood/adhesive mixture goes on to the Compression Department, where the wood is compressed into sheets. Conversion costs are added evenly throughout the preparation process. January data for the Preparation Department are as follows (in millions): Requirements R1. Draw a time line for the Preparation Department. R2. Use the time line to help you compute the equivalent. (Hint: Each direct material added at a different point in the production process requires its own equivalent unit computation.) R3. Compute the total costs of the units (sheets) a. Completed and transferred out to the Compression Department. b. In the Preparation Department's Ending work in process inventory. R4. Prepare the journal entry to record the cost of the sheets completed and transferred out to the Compression Department. R5. Post the journal entries to the Work in process inventoryPreparation Taccount. What is the ending balance? 5 11. SeaWorthy uses three processes to manufacture lifts for personal watercraft: forming a lift's parts from galvanized steel, assembling the lift, and testing the completed lifts. The lifts are transferred to finished goods before shipment to marinas across the country. SeaWorthy's Testing Department requires no direct materials. Conversion costs are incurred evenly throughout the testing process. Other information follows: The cost transferred into Finished Goods Inventory is the cost of the lifts transferred out of the Testing Department. SeaWorthy uses weighted-average process costing. Requirements R1. Draw a time line for the Testing Department. R2. Use the time line to compute the number of equivalent units of work performed by the Testing Department during the period. R3. Compute SeaWorthy's transferred-in and conversion costs per equivalent unit. Use the unit costs to assign total costs to (a) units completed and transferred out of Testing and (b) units in Testing's Ending work in process inventory. R4. Compute the cost per unit for lifts completed and transferred out to Finished goods inventory. Why would management be interested in this cost? 6