Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

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

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

Return to questio 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 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: 85 Sints Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March Percent Completed Units Pulping Conversion 2,500 100% 80% 7,600 100% 75% $ 1,050 ta 600 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March 145,000 $ 66,094 $ 41,596 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Nenartment Mat fihor ic nroracced in the Orvina Nenartment in hatrhoc cach linit in the above tahle ic a hatch and one hatch of wat 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 equivalent units of production for pulping and conversion in March. Equivalent units of production Pulping 152,600 Conversion 150,700 points 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 places.) Pulping $ 0.44 Cost per equivalent unit Conversion $ 0.28 Answer is not complete. 2.85 points 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 $ 3,344 Conversion $ 1,596 Total 4,940 Cost of ending work in process inventory $ 5. Prepare a cost reconciliation report for the Drying Department for March. Answer is not complete. 2.85 points 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 Required 1 Required 2 Required 3 Required 4 Required 5 2.85 points 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: $ 0 Total cost to be accounted for Costs accounted for as follows: Total cost accounted for $ 0

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

Accounting And Finance For Non-Specialists

Authors: Eddie McLaney, Peter Atrill

11th Edition

1292244011, 9781292244013

More Books

Students also viewed these Accounting questions

Question

3. It is the commitment you show that is the deciding factor.

Answered: 1 week ago