Question
THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 10. Quiz Company uses a process costing system to determine the cost of its vitamin supplement. The
THE FOLLOWING INFORMATION IS USED FOR QUESTIONS 1 10.
Quiz Company uses a process costing system to determine the cost of its vitamin supplement. The supplement passes through three departments: Mixing, Tableting, and Bottling. In the Mixing Department, all materials are added at the beginning of the process. The mixture is transferred to the Tableting department in gallon containers. One gallon of mixture converts into 1,600 tablets. The Tableting Department also adds materials at the beginning of the process. Completed tablets are transferred to the Bottling Department for packaging.
The following information is available for the Mixing and Tableting Departments for the month of July.
Quiz Company uses the weighted average method to account for the equivalent units and costs in beginning inventory.
Prepare the July production report for the Tableting Department. (You will also have to do the production report for the Mixing Department to determine the transferred in units and cost.)
HINT: The units transfer out of the Mixing Department as gallons and into the Tableting Department as tablets. You will need to convert from gallons to tablets to determine the physical units transferred in for the Tableting Department.
Round all unit cost calculations to four decimal places. Round all total dollar amounts to the nearest dollar (no cents).
Determine the units started (transferred in) for the Tableting Department in July. Note: Give your answer using commas. Example: 12,345 |
- For the Tableting Department, determine the number of equivalent units with respect to transferred in cost.
- For the Tableting Department, determine the number of equivalent units with respect to direct materials cost.
- For the Tableting Department, determine the number of equivalent units with respect to conversion cost.
- For the Tableting Department, determine the cost transferred out for July.
- For the Tableting Department, determine the cost of ending inventory for July.
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