Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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--Puiping, 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 slutry of 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 dried 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 system. Data for March for the Drying Department follow: Percent Completed Unita Pulping Conversion Work in process inventory, March 1 3,200 1000 300 Work in process Inventory. Maren 31 8,000 1008 750 Polping cost in work in process inventory, March 1 $ 1,584 Conversion cont in work in process inventory, March 1 $ 1,024 Units transferred to the next production department 152.000 Palping cost added during March $ 31,616 Conversion cost added during March 355,856 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department Required: 1. Compute the Drying Department's 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 puiping, conversion, and in total in March 5. Prepare a cost reconciliation report for the Drying Department for March Required: 1. Compute the Drying Department's 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 in March 5. Prepare a cost reconciliation 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 March Pulping Conversion Equivalent units of production Required 2 > Required: 1. Compute the Drying Department's 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 in March 5. Prepare a cost reconciliation report for the Drying Department for March Complete this question by entering your answers in the tabs below. Required: Required 2 Required 3 Required 4 Required Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. (Round your answers to 2 decimal places.) Pulping Conversion Cost per equivalent unit Required: 1. Compute the Drying Department's 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 in March 5. Prepare a cost reconciliation 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 5 Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. (Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Cost of ending work in process inventory Required: 1. Compute the Drying Department's 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 in March 5. Prepare a cost reconciliation 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 5 Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. (Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Cost of units completed and transferred out 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 Drying Department for March. (Round your intermediate calculations to 2 decimal places) Drying Department Cost Reconciliation 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_2

Step: 3

blur-text-image_3

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

Principles Of Financial Accounting (Chapters 1-17)

Authors: John Wild

25th Edition

1260780147, 9781260780147

More Books

Students also viewed these Accounting questions

Question

Define self-acceptance. (p. 141)

Answered: 1 week ago

Question

Know why employees turn to unions

Answered: 1 week ago

Question

Understand the process of effective succession planning

Answered: 1 week ago

Question

Understand the history of unionization

Answered: 1 week ago