Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Work in Process Account Date for two months, Cost of Production Reports Hearty Soup Co se process cost system to record the costs of processing

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 Date for two months, Cost of Production Reports Hearty Soup Co se process cost system to record the costs of processing soup, which requires the cooking and filing processes, Materials are entered from the cooking process at the beginning of the filling process. The inventory of work in Processing on April 1 and debits to the cont during April were as follow Bal, 400 units, completed: Direct materials (100 x 54,865) 51,920 Conversion (400X30 x $2.00) 20 $2,160 From Cooking Department, 9.40 units $40,452 Director 13,186 Factory overhead 7.100 During April 400 units in process on And I were completed, and of the 9,480 units enteng the department, w were completed except 1,000 units that were completed Charges to Wiek in Processing for May were as follows From Cooking Department, 10,900 units $55,590 Direct labor 15,440 factory overhead 3,320 During May, the units in process at the beginning of the mother completed, and of the 10,000 inting departments were completed except 500 units that were 60% completed Required 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 goods finished, differentiating between units started in the prior period and units started and finished in April and (d) 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 DATE ITEM POST. REF DEBIT CREDIT DEBIT CREDIT Apr 1 Bal, 100 units, 30% completed Cooking Dept. 9,480 units at $4.90 1666 30 Direct labor 30 Factory overhead 10 Finished goods Bal. 1,000 units, 90% completed 30 it an amount box does not require an entry, leave it back. Round cost per unit answers to the nearest cent. eBook Hearty Soup Co. Cost of Production Report-Filling Department For the Month Ended April 30 Whole Units Equivalent Units Units Direct Materials (a) Conversion (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 eBook Costs Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for April in Filling 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 filling 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 Apol I work in process Started and completed in Apni (c) Transferred to finished goods in April (c) 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 resort and present the May computations (a through d) sted in purt()It 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 Cooking Dept. 10.900 units at $5.1 Direct labor 3 31 Factory overhead 31 Finished goods Bal, 500 units, completed If an amount box does not gure an entry leave blank Round cost per unit answers to the nearest cent. eBook 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 Units Direct Conversion Materials (a) (a) Units charged to production: Inventory in process, May 1 Received from Cooking Department Total units accounted for by the Filling Department Units to be assigned costs: Inventory in process, May 1 Started and completed in May Transferred to finished goods in May Inventory in process, May 31 Total units to be assigned costs eBook Costs Costs Direct Materials Conversion Total Costs per equivalent unit: Total costs for May in Filling Department Total equivalent units Cost per equivalent unit (b) Costs charged to production: Inventory in process, May 1 Costs incurred in May Total costs accounted for by the Filling Department Cost allocated to completed and partially completed units Inventory in process, May 1 balance (c) To complete inventory in process, May 1 (c) Cost of completed May 1 work in process Started and completed in May (c) Transferred to finished goods in May (c) Inventory in process, May 31 (d) Total costs assigned by the Filling Department

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

Financial Intelligence For Entrepreneurs What You Really Need To Know About The Numbers

Authors: Karen Berman, Joe Knight

1st Edition

1422119157, 9781422119150

More Books

Students also viewed these Accounting questions

Question

Roll out international HRM practices for franchisees.

Answered: 1 week ago