Answered step by step
Verified Expert Solution
Question
1 Approved Answer
requirment 3 please %E5-29A (book/static) Question Help Woodson Dairy produces an organic butter that is sold by the pound. The production of the butter begins
requirment 3 please %E5-29A (book/static) Question Help Woodson Dairy produces an organic butter that is sold by the pound. The production of the butter begins in the Chumning Department. Woodson Dairy Data for the Churning Department for January follows: Click the icon to view the data from January) Woodson Dairy prepared the following production cost report for January for the Churing Department Click the icon to view the January production cost report) Read the requirements Table 100,000 units 1,500,000 units 200,000 units Units in beginning Work in Process (WIP) inventory Units started during the month (all direct materials, including cream and salt, are added at the beginning of the churning process) Units in ending Work in Process (WIP) inventory (40% of the way through the process) Cost information is as follows: WIP - Churning Department balance as of January 1: Direct material cost included in beginning WIP balance Conversion cost included in beginning WIP balance Beginning balance, WIP, January 1 110,000 24,000 134,000 Manufacturing costs incurred during January: Direct materials used Direct labor 1.730,000 10,000 558,000 Manufacturing overhead Print Done Reference Woodson Dairy Churning Department Month Ended January 31 Production Cost Report Flow of Equivalent Units Physical Direct Conversion Flow of Production Units Materials Costs Units to account for: Beginning work in process, January 1 100,000 Plus: Started in production during 1,500,000 Total physical units to account for 1,600,000 Units accounted for: Completed and transferred out 1,400,000 1,400,000 1,400,000 Plus: Ending work in process, January 200,000 200,000 80,000 Total physical units accounted for 1,600,000 Total equivalent units 1,600,000 1,480,000 January Direct Conversion Total Costs to Account for and Cost per Equivalent Unit Beginning work in process Plus: Costs added during January Total costs to account for Divided by: Total equivalent units Cost per equivalent unit Materials $ 110,000 $ 1,730,000 1,840,000 1,600,000 $ 1.15 $ Costs 24,000 568,000 592,000 1,480,000 0.40 Direct Materials Conversion Costs Total Assignment of total costs: Completed and transferred out: Equivalent units completed and transferred out Multiplied by: Cost per equivalent unit Costs assigned to units completed and transferred out 1,400,000 1.15 $ 1,400,000 0.40 $1,610,000 $ 560,000 $2,170,000 Ending work in process: Equivalent units in ending work in process, January 31 Multiplied by: Cost per equivalent unit Costs assigned to units in ending work in process, January 31 Total costs accounted for 200,000 1.15 $ $ 80,000 0.407 $ 230,000 $ 32,000_262,000 $2,432,000 any Print Con Requirement 3. Post the journal entries to the "Work in Process Inventory - Churning Department" T-accoun Work in Process Inventory-Churning Bal, January 1 L Bal, January 31
requirment 3 please
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered 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