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590 Miscellaneous Expense 710 Interest Expense Durieg July, 14,800 units of four were corrpleted. Work in Process. Sifing Deparment on Juy 31 was 1,600 unis, 4/5 completed. Aequired: 1. Prepare a cost of production report for the Siting Department for July if an anount is zens, enter " . Round your cost per unit answers to the nearest cent and final answers to the nearest dollar amount. 2. Jiaumaite the entries for costs translerred from Miling to Sinting and the costs transtered from SiWhe to Packaging. Aaler to the chat of accounts for the exact woving of the acoount tiles. CNOW joumals do not use anes for spaces ar joumal explanations. Every ihe on a joumal page ir used for debit or credit entries. Do not add explanafions or stip a line behven journat entries. CNOW joumale will autamaficagy indent a crede entry when a credit amount is evtered. Use the date July 31 for all journal entries. 3. Determine the increase or decrease in the cost per equknbent init from June bo July for direct malerials and conversion costs. Alound your answers to the nearest cent. 4. Discuss the uses of the cost of production report and the resints of part (3). White Deamsnd Flour Compary msnutactares flour by a sories of thee processes, beganing with wheat grain being inevoduced in the Meling Departeont Frem the Miling Departminh, the matarial pass threugh the Sting and Packaging departrents arnerging as pockaged refined tour. The belanoe in the wooount Work in Prooks Sting Depitment was as folows on July 1 The folowng cooss were sharged to Won is Process-Sting Departinent oung uty Cost per equivalent unit: Total costs for July in Sitting Department Total equivalent units Cost per equivalent unit 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 completo irventory in process, July 1 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 Sining Department WHITE DIAMOND FLOUR COMPANY Cost of Production Report-Sifting Department For the Month Ended July 31 Units charged to production: Inventory in process, July 1 Received from Milling Department Total units accounted for by the Sifting Department Units to be assigned costs: Inventory in process, July 1 (3/5 completed) Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 ( 4/5 completed) 2. Joumalize the entries for costs transferred from MiWng to Siting and the costs transferred from Sitting fo Packaging. Refer to the chart of accounis for the exact wording of the account bies. CNOW joumals do not use lines for spaces or journal explanations. Every line on a joumal page is used for debvf or credit entries. Do not add explanations or sklp a ihe benveen joumal entrles. CNOW joumals will automatically indent a credit entry when a credit amount is entered. Use the dale biy 3t for al joumal antries. 3. Determine the increase or decrease in the cost per equivalent unt from June to fuly for divect materials and conversion costs. Found your answers to the nearest cent. Direct materials: Conversion: 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 and The repart can also be used to contro costs by holding esch deparment head rosponsible for the units entering produetion and the costs incurred in the department. Any difterences in unit product costs from one month io ancther, suc 15 those in part (3), can be studied carelully and any signiticant ditlerences investigated. CHART OF ACCOUNTS White Diamond Flour Company General Ledger ASSETS 110 Cash 121 Accounts Receivable 125 Notes Receivable 126 Interest Receivable 131 Materials 141 Work in Process-Milling Department 142 Work in Process-Sifting Department 143 Work in Process-Packaging Department 151 Factory Overhead-Milling Department 152 Factory Overhead-Sifting Department 153 Factory Overhead-Packaging Department 161 Finished Goods 171 Supplies 172 Prepaid Insurance 173 Prepaid Expenses REVENUE Y $10 Sales 610 Interest Revenue EXPENSES 510 Cost of Goods Sold 520 Wages Expense 531 Selling Expenses 532 Insurance Expense 533 Utilities Expense 534 Supplies Expense 540 Administrative Expenses 561 Depreciation Expense-Factory 590 Miscellaneous Expense 710 interest Expense Transferred to Packaging Department in July Inventory in process, July 31 (4/5 completed) Total units to be assigned costs