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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 orn 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: Percent Completed Units Pulping 3,100 5,000 Conversion 100% 100% Work in process inventory, March1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 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 80% 70% $1,674 $1,147 162,100 $93,573 $66,749 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches, each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Departments equivalent units of production for pulping and conversion in March 2. Compute the Drying Departments cost per equivalent unit for pulping and conversion in March. 3. Compute the Drying Departments cost of ending work in process inventory for pulping, conversion, and in total for March 4. Compute the Drying Departments cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March 5. Prepare a cost reconciliation report for the Drying Department for MarchComplete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Required 4Required 5 Compute the Drying Departments equivalent units of production for pulping and conversion in March Pulping Conversion Equivalent units of production Required 1 Required 2>Complete this question by entering your answers in the tabs below. Required 1Required 2Required 3 Required 4 Required 5 Compute the Drying Departments cost per equivalent unit for pulping and conversion in March. (Round your answers to 2 decimal places.) Pulping Conversion Cost per equivalent unit Required 1 Required 3>Complete this question by entering your answers in the tabs below. Required 1 Required 2Required 3 Required 4 Required 5 Compute the Drying Departments cost of ending work in process inventory for pulping, conversion, and in total for March Round your intermediate calculations to 2 decimal places.) Pulping Conversion Total Cost of ending work in process inventory Required 2 Required 4Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3Required 4Required 5 Compute the Drying Departments 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 KRequired 3 Required 5>Complete this question by entering your answers in the tabs below. Required 1Required 2 Required 3 Required 4Required 5 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 Total cost to be accounted for Costs accounted for as follows: Total cost accounted for KRequired 4 Required 5

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Answer #1

Solution 1:

Computation of Equivalent unit of Production - Weighted Average
Particulars Physical Units Pulping Conversion
Unit completed & Transferred out 162100 162100 162100
Closing WIP: 5000
Pulping (100%) 5000
Conversion (70%) 3500
Equivalent units of production 167100 167100 165600

Solution 2:

Computation of Cost per equivalent unit of Production - Weighted Average
Particulars Pulping Conversion
Opening WIP $1,674.00 $1,147.00
Cost Added during November $93,573.00 $66,749.00
Total cost to be accounted for $95,247.00 $67,896.00
Equivalent units of production 167100 165600
Cost per Equivalent unit $0.57 $0.41

Solution 3 & 4:

Computation of Cost of ending WIP and units completed & transferred out - Weighted Average  
Particulars Pulping Conversion Total
Equivalent unit of Ending WIP 5000 3500
Cost per equivalent unit $0.57 $0.41
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) $2,850 $1,435 $4,285
Units completed and transferred 162100 162100
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) $92,397 $66,461 $158,858

Solution 5:

Production cost report - Weighted Average - Drying Department
Particulars Amount
Costs to be accounted for:
Cost of beginning WIP inventory $2,821.00
Cost added to production $160,322.00
Total Cost to be accounted for $163,143.00
Costs accounted for as follows:
Cost of unit transferred out $158,858
Ending WIP:
Material $2,850
Conversion $1,435
Total cost accounted for $163,143
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Answer #2

Solution 1:

Computation of Equivalent unit of Production - Weighted Average
Particulars Physical Units Pulping Conversion
Unit completed & Transferred out 162100 162100 162100
Closing WIP: 5000
Pulping (100%) 5000
Conversion (70%) 3500
Equivalent units of production 167100 167100 165600

Solution 2:

Computation of Cost per equivalent unit of Production - Weighted Average
Particulars Pulping Conversion
Opening WIP $1,674.00 $1,147.00
Cost Added during November $93,573.00 $66,749.00
Total cost to be accounted for $95,247.00 $67,896.00
Equivalent units of production 167100 165600
Cost per Equivalent unit $0.57 $0.41

Solution 3 & 4:

Computation of Cost of ending WIP and units completed & transferred out - Weighted Average  
Particulars Pulping Conversion Total
Equivalent unit of Ending WIP 5000 3500
Cost per equivalent unit $0.57 $0.41
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) $2,850 $1,435 $4,285
Units completed and transferred 162100 162100
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) $92,397 $66,461 $158,858

Solution 5:

Production cost report - Weighted Average - Drying Department
Particulars Amount
Costs to be accounted for:
Cost of beginning WIP inventory $2,821.00
Cost added to production $160,322.00
Total Cost to be accounted for $163,143.00
Costs accounted for as follows:
Cost of unit transferred out $158,858
Ending WIP:
Material $2,850
Conversion $1,435
Total cost accounted for $163,143
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Answer #3

Solution 1:

Computation of Equivalent unit of Production - Weighted Average
Particulars Physical Units Pulping Conversion
Unit completed & Transferred out 162100 162100 162100
Closing WIP: 5000
Pulping (100%) 5000
Conversion (70%) 3500
Equivalent units of production 167100 167100 165600

Solution 2:

Computation of Cost per equivalent unit of Production - Weighted Average
Particulars Pulping Conversion
Opening WIP $1,674.00 $1,147.00
Cost Added during November $93,573.00 $66,749.00
Total cost to be accounted for $95,247.00 $67,896.00
Equivalent units of production 167100 165600
Cost per Equivalent unit $0.57 $0.41

Solution 3 & 4:

Computation of Cost of ending WIP and units completed & transferred out - Weighted Average  
Particulars Pulping Conversion Total
Equivalent unit of Ending WIP 5000 3500
Cost per equivalent unit $0.57 $0.41
Cost of Ending WIP (Equivalent unit * Cost per equivalent unit) $2,850 $1,435 $4,285
Units completed and transferred 162100 162100
Cost of units completed & Transferred (Unit completed * cost per equivalent unit) $92,397 $66,461 $158,858

Solution 5:

Production cost report - Weighted Average - Drying Department
Particulars Amount
Costs to be accounted for:
Cost of beginning WIP inventory $2,821.00
Cost added to production $160,322.00
Total Cost to be accounted for $163,143.00
Costs accounted for as follows:
Cost of unit transferred out $158,858
Ending WIP:
Material $2,850
Conversion $1,435
Total cost accounted for $163,143
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