Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Scribners Corporation produces fine papers in three production departments -Pulping. Drying, and finishing in the Pulping Department, raw materials such as wood fiber and rag

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Scribners Corporation produces fine papers in three production departments -Pulping. Drying, and finishing in the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry or fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dned in ovens. In the finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted average method in its process costing syster Data for March for the Drying Department follow Dercent complete units Pulping Conversion Work in process inventory, March 1 3,00 1000 Work in process inventory, March 31 5. 100 751 Pulping cost in work in process inventory, March 1 $ 1,349 Conversion cost in work in process inventory, March 1 3684 Units transferred to the next production department 163,300 Pulping cost added during March 5 62,605 Conversion cost added during March 5 36,067 No materials are added in the Drying Department Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wer fiber is processed in the Drying Department in batches, each unit in the above table is a batch and one batch of wer fibers produces a set amount of dried paper that is passed on to the finishing Department Required: 1. Compute the Drying Departments equivalent units of production for pulping and conversion in March 2 Compute the Drying Department's cost per equivalent unit for pulping and conversion in March 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March 4. Compute the Drying Department's cost of units transferred out to the finishing Department for pulping, conversion, and in total March 5. Prepare a cost reconciliouon report for the Drying Department for March Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required Compute the Drying Department's equivalent units of production for pulping and conversion in Marche Purpina Conversion Equivalent units of production RES Required 2 > Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. Round your answers to 2 decimal place Cost per guantum Required: Required 2 Required 3 Required 4 Required 5 Prepare a cost reconciliation report for the Drying Department for March. (Round your intermediate calculations to 2 decimal places On Opatient Costconten Costs to be accounted for Total cost to be accounted for Costs accounted for as follows Total cost accounted for

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

More Books

Students also viewed these Accounting questions

Question

which user has access to the voided / deleted trasactions tool?

Answered: 1 week ago