Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Problem 5-15 (Algo) Comprehensive Problem-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system.

image text in transcribedimage text in transcribedimage text in transcribedimage text in transcribedimage text in transcribed

Problem 5-15 (Algo) Comprehensive Problem-Weighted-Average Method [LO5-2, LO5-3, LO5-4, LO5-5] Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Units Work in process, beginning Started into production 56,000 70% Percent Completed Materials Conversion 40% 290,500 Completed and transferred out 280,500 Work in process, ending 66,000 75% 25% Work in process, beginning Cost added during June Materials $ 19,100 Conversion $ 5,900 $ 205,300 $ 124,780 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the Blending Department's equivalent units of production for materials and conversion in June. Materials Conversion Equivalent units of production < Required 1 Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. (Round your answers to 2 decimal places.) Materials Cost per equivalent unit Conversion < Required 1 Required 3 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. (Round your intermediate calculations to 2 decimal places.) Materials Conversion Total Cost of ending work in process inventory < Required 2 Required 4 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. (Round your intermediate calculations to 2 decimal places.) Materials Conversion Total Cost of units completed and transferred out < Required 3 Required 5 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for the Blending Department for June. (Round your intermediate calculations to 2 decimal places.) Costs to be accounted for: Blending Department Cost Reconciliation Total cost to be accounted for $ 0 Costs accounted for as follows: Total cost accounted for $ 0 < Required 4 Required 5 >

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Management Accounting Information for Decision-Making and Strategy Execution

Authors: Anthony A. Atkinson, Robert S. Kaplan, Ella Mae Matsumura, S. Mark Young

6th Edition

137024975, 978-0137024971

More Books

Students also viewed these Accounting questions

Question

Describe MBO, its advantages and disadvantages. AppendixLO1

Answered: 1 week ago