Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Work in Process Account Data for Two Months: Cost of Production Reports Hearty Soup Co. uses a process cost system to record the costs of

image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
image text in transcribed
Work in Process Account Data for Two Months: Cost of Production Reports Hearty Soup Co. uses a process cost system to record the costs of processing soup, which requires the cooking and fiting processes. Materials are entered from the cooking process at the beginning of the filling process. The inventory of Work in Process --Filling on April 1 and debits to the account during April were as follows: Bal., 1,000 units, 60% completed: Direct materials (1,000 $3.10) $ 3,100 Conversion (1,000 X 60% * $1.30) $3,880 From Cooking Department, 21,500 units $68,800 18,691 780 Direct labor Factory overhead 10,065 During April, 2,000 units in process on April I were completed, and of the 21,500 units entering the department, all were completed except 1,700 units that were 20% completed. Charges to Work in Process --Filing for May were as follows: From Cooking Department, 24,700 units $83,980 Direct labor 25,160 Factory overhead 13,540 During May, the units in process at the beginning of the month were completed, and of the 24,700 units entering the department, all were completed except 1,300 unit that were 80% completed Required: 1. Enter the balance as of April 1 in a four-column account for Work in Process-Filling. Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion: (b) cost per equivalent unit; (c) cost of go hort film hinted in the cast and finicht in den meinen who went Previous Check My Work 3 more Check My Work usos remaining, mir Assement for Gra Sent Assignment Main.do invoker-&tokeAssignmentSessionLocator Sinprogress=false eBook Print Item 1. Enter the balance as of April 1 in a four-column account for Work in Process-Filing, Record the debits and credits in the account for April. Construct a cost of production report and present computations for determining (a) equivalent units of production for materials and conversion; (b) cost per equivalent unit: (c) cost of goods finished, differentiating between units started in the prior period and units started and finished in April, and (a) work in process inventory. If an amount box does not require an entry, leave it blank. ACCOUNT Work in Process-Filling Department ACCOUNT NO. BALANCE ITEM DEBIT POST. REF. CREDIT DATE DEBIT CREDIT Apr. 1 30 Bal., 1,000 units, 60% completed Cooking Dept., 21,500 units at $3.20 Direct labor I Factory overhead 30 30 30 Finished goods 30 Bal., 1.700 units, 20% completed If an amount box does not require an entry, leave it blank. Round cost per unit answers to the nearest cent. Hearty Soup Co. Cost of Production Report-Filling Department For the Month Ended April 30 Whole Units Equivalent Units Direct Conversion Units eBook Print Item Hearty Soup Co. Cost of Production Report-Filling Department For the Month Ended April 30 Whole Units Equivalent Units Direct Units Conversion (a) Materials (a) Units charged to production: Inventory in process, April 1 Received from Cooking Department Total units accounted for by the Filling Department Units to be assigned costs: Inventory in process, April 1 Started and completed in April Transferred to finished goods in April Inventory in process, April 30 Total units to be assigned costs Costs Conversion Direct Materials Costs Costs Costs Direct Materials Conversion Total Costs per equivalent unit: E Total costs for April in Filing Department Total equivalent units Cost per equivalent unit (b) Costs charged to production: Inventory in process, April 1 Costs incurred in April Total costs accounted for by the Filing Department Cost allocated to completed and partially completed units: Inventory in process, April 1 balance (c) To complete inventory in process, April 1 (c) Cost of completed April 1 work in process Started and completed in April (c) Transferred to finished goods in April (c) E Inventory in process, April 30 (d) Total costs assigned by the Filling Department 2. Provide the same information for May by recording the May transactions in the four-column work in process account. Construct a cost of production report and Previou Check My Work 3 more Check My Work uses remaining Email Instructor Save and Exit Submit Assignment fom All work saved. eBook Printer 2. Provide the same information for May by recording the May transactions in the four-column work in process account Construct a cost of production report and present the may computations (a through a listed in part (1). If an amount box does not require an entry, leave it blank. ACCOUNT Work In Process-Filling Department ACCOUNT NO. Balance DATE ITEM POST. REF. DEBIT CREDIT DEBIT CREDIT May 1 Balance 31 Cooking Dept., 24,700 units at $3.4 31 Direct labor Factory overhead 3: Finished goods BEE 31 Bal., 1,300 units, 80% completed If an amount box does not require an entry, leave it blank. Round cost per unit answers to the nearest cent. Hearty Soup Co. Cost of Production Report-Filling Department For the Month Ended May 31 Whole Units Equivalent Units Direct Materials (a) Conversion (a) Units Het inn

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

Auditing The Ultimate Guide To Performing Internal And External Audits

Authors: Greg Shields

1st Edition

1647483344, 978-1647483340

More Books

Students also viewed these Accounting questions