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Wanda Company produces its finished product in two processing departments Mixing and Finishing. The following information is available for the month of March: Mixing Department:
Wanda Company produces its finished product in two processing departments Mixing and Finishing. The following information is available for the month of March: Mixing Department: The beginning work exist17, 130 (exist14, 880 direct materials and exist2, 250 conversion in process inventory was costs) and consisted of 1, 200 units. During March, an additional 10, 600 units were started into production. A total of 10, 900 units were completed and transferred out to the Finishing Department. The ending work in process inventory consisted of 900 units which were 80% complete as to conversion costs. The following costs were incurred during March. direct materials exist132, 620: direct labor exist140,000: and overhead costs exist101, 770. Direct materials are added at the beginning of the Mixing Department and conversion process in costs are incurred evenly throughout the process. Finishing Department: The beginning work in process inventory exist57, 210 (exist44.250 transferred-in costs and exist12, 960 was conversion costs) and consisted of 600 units. During March, a total of 11,000 units were completed and transferred out to finished Goods Inventory The ending work in process inventory consisted of 500 units which were 40% complete as to conversion costs. The following costs were incurred during March: direct materials exist143,000. direct labor exist250,000, and overhead costs exist149, 200. Direct materials are added at the end of the process in the Finishing Department and conversion costs are incurred evenly throughout the production process. REQUIRED: A Prepare a production report for March for the Mixing Department. B. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March C. Prepare a production report for March for the Finishing Department D. Give the journal entry to record the completion of the units in the Finishing for March E. Draw the work-in-Process Inventory T-accounts for the Mixing Department and the Finishing Department and enter the appropriate cost now account data. F. Why is computing cost of goods sold problematic in a process costing environment? Wanda Company produces its finished product in two processing departments Mixing and Finishing. The following information is available for the month of March: Mixing Department: The beginning work exist17, 130 (exist14, 880 direct materials and exist2, 250 conversion in process inventory was costs) and consisted of 1, 200 units. During March, an additional 10, 600 units were started into production. A total of 10, 900 units were completed and transferred out to the Finishing Department. The ending work in process inventory consisted of 900 units which were 80% complete as to conversion costs. The following costs were incurred during March. direct materials exist132, 620: direct labor exist140,000: and overhead costs exist101, 770. Direct materials are added at the beginning of the Mixing Department and conversion process in costs are incurred evenly throughout the process. Finishing Department: The beginning work in process inventory exist57, 210 (exist44.250 transferred-in costs and exist12, 960 was conversion costs) and consisted of 600 units. During March, a total of 11,000 units were completed and transferred out to finished Goods Inventory The ending work in process inventory consisted of 500 units which were 40% complete as to conversion costs. The following costs were incurred during March: direct materials exist143,000. direct labor exist250,000, and overhead costs exist149, 200. Direct materials are added at the end of the process in the Finishing Department and conversion costs are incurred evenly throughout the production process. REQUIRED: A Prepare a production report for March for the Mixing Department. B. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March C. Prepare a production report for March for the Finishing Department D. Give the journal entry to record the completion of the units in the Finishing for March E. Draw the work-in-Process Inventory T-accounts for the Mixing Department and the Finishing Department and enter the appropriate cost now account data. F. Why is computing cost of goods sold problematic in a process costing environment
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