Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Problem 3A Cannery Row produces condensed tomato soup using two processes: mixing and canning. The company's accountant has produced the following process costing data
Problem 3A Cannery Row produces condensed tomato soup using two processes: mixing and canning. The company's accountant has produced the following process costing data for February 20YY: Cannery Row - Process costing data for February 20YY Units information (i.e. gallons of product) Beginning Work in progress (WIP) (in gallons) Units started in production this month (in gallons) Units/gallons completed & transferred out during the month Completion percentage at end of month: Ending WIP, direct materials added (%) Mixing Dept. Canning Dept. 1,000 2,000 23,000 See Mixing 20,000 13,500 50% 10% 25% 75% Ending WIP, conversion work performed (%) Costs information Beginning WIP, costs added in prior periods: Beginning WIP, costs added in prior periods: Direct materials $12,000 $9,250 Conversion cost: direct labor $10,000 $12,125 Conversion cost: overhead applied $16,000 $40,000 Transferred in costs N/A $33,000 Costs added to process in February 20YY: Direct materials $98,000 $62,500 Conversion cost: direct labor $25,000 $20,000 Conversion cost: overhead applied $75,000 $67,000 Required: Using the weighted average method and the template below, prepare the process costing report for the Mixing Department for February 20YY. Cannery Row: Mixing Dept Process Costing Report for February 20YY - Weighted Average Method Total Percentage completed Equivalent units Direct materials Conversion Direct materials Conversion Units Beginning WIP inventory Units started Units to account for Units completed and transferred out Ending WIP inventory Units accounted for Costs (BWIP costs + Costs Added during period) Total $ Beginning WIP inventory Costs added this month Total costs in process Cost per equivalent unit ($) Cost assignment (Costs per EU x EU) Units completed transferred out Ending WIP inventory Total costs $
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started