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Prepare a cost of production report for the Sifting Department for July Cost of Production Report instructions General Journal Journalize the entries for costs transferred
Prepare a cost of production report for the Sifting Department for July Cost of Production Report instructions General Journal Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Use the date July for all journal entries. General Joumal InstructionsWhite Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in ProcessSifting Department was as follows on July : Work in ProcessSifting Department units, completed: Direct materials times $ $ Conversion times times $ $ The following costs were charged to Work in ProcessSifting Department during July: Direct materials transferred from Milling Department: units at $ a unit $ Direct labor Factory overhead During July, units of flour were completed. Work in ProcessSifting Department on July was units, completed. Required: Prepare a cost of production report for the Sifting Department for July. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Discuss the uses of the cost of production report and the results of part Prepare a cost of production report for the Sifting Department for July. Cost of Production Report Instructions WHITE DIAMOND FLOUR COMPANY Cost of Production ReportSifting Department For the Month Ended July UNITS Whole Units Equivalent Units Direct Materials Conversion Units charged to production: Inventory in process, July Received from Milling Department Total units accounted for by the Sifting Department Units to be assigned costs: Inventory in process, July completed Started and completed in July Transferred to Packaging Department in July Inventory in process, July completed Total units to be assigned costs COSTS Costs Direct Materials Conversion Total Cost per equivalent unit: Total costs for July in Sifting Department $ $ Total equivalent units : : Cost per equivalent unit $ $ Costs assigned to production: Inventory in process, July $ Costs incurred in July Total costs accounted for by the Sifting Department $ Costs allocated to completed and partially completed units: Inventory in process, July balance $ To complete inventory in process, July $ $ Cost of completed July work in process $ Started and completed in July Transferred to Packaging Department in July $ Inventory in process, July Total costs assigned by the Sifting Department $ Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Use the date July for all journal entries. General Journal Instructions PAGE JOURNALACCOUNTING EQUATION DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. Additional Instruction Direct materials: $ Conversion: $ Discuss the uses of the cost of production report and the results of part The cost of production report may be used as the basis for allocating product costs between and 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 can be studied carefully and any significant differences investigated.
Prepare a cost of production report for the Sifting Department for July
Cost of Production Report instructions
General Journal
Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Use the date July for all journal entries.
General Joumal InstructionsWhite Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour.
The balance in the account Work in ProcessSifting Department was as follows on July :
Work in ProcessSifting Department
units, completed:
Direct materials times $ $
Conversion times times $
$
The following costs were charged to Work in ProcessSifting Department during July:
Direct materials transferred from Milling Department:
units at $ a unit $
Direct labor
Factory overhead
During July, units of flour were completed. Work in ProcessSifting Department on July was units, completed.
Required:
Prepare a cost of production report for the Sifting Department for July.
Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging.
Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs.
Discuss the uses of the cost of production report and the results of part
Prepare a cost of production report for the Sifting Department for July.
Cost of Production Report Instructions
WHITE DIAMOND FLOUR COMPANY
Cost of Production ReportSifting Department
For the Month Ended July
UNITS Whole Units Equivalent Units
Direct Materials Conversion
Units charged to production:
Inventory in process, July
Received from Milling Department
Total units accounted for by the Sifting Department
Units to be assigned costs:
Inventory in process, July completed
Started and completed in July
Transferred to Packaging Department in July
Inventory in process, July completed
Total units to be assigned costs
COSTS Costs
Direct Materials Conversion Total
Cost per equivalent unit:
Total costs for July in Sifting Department
$
$
Total equivalent units :
:
Cost per equivalent unit
$
$
Costs assigned to production:
Inventory in process, July
$
Costs incurred in July
Total costs accounted for by the Sifting Department
$
Costs allocated to completed and partially completed units:
Inventory in process, July balance
$
To complete inventory in process, July
$
$
Cost of completed July work in process
$
Started and completed in July
Transferred to Packaging Department in July
$
Inventory in process, July
Total costs assigned by the Sifting Department
$
Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Use the date July for all journal entries.
General Journal Instructions
PAGE
JOURNALACCOUNTING EQUATION
DATE DESCRIPTION POST. REF. DEBIT CREDIT ASSETS LIABILITIES EQUITY
Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs.
Additional Instruction
Direct materials:
$
Conversion:
$
Discuss the uses of the cost of production report and the results of part
The cost of production report may be used as the basis for allocating product costs between and 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 can be studied carefully and any significant differences investigated.
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