How does Shrinkflation affect a cost reconciliation report? When the sizes or weights of the actual...
How does Shrinkflation affect a cost reconciliation report?
When the sizes or weights of the actual products changes between different periods, can this change be accounted for when reconciling costs? How would this be accounted for when the units are no longer "equivalent"?
Homework Answers
Ans:
Defination of shrinkflation-
In economics, shrinkflation is the practice of reducing the size or quantity of a product while the price of the product remains the same or slightly increases. In some cases, the term may indicate lowering the quality of a product or its ingredients while the price remains the same.
shrinkflation is a form of hidden inflation. Instead of increasing the price of a product, something that would be immediately evident to consumers, producers reduce the size of product while maintaining the same price. The absolute price of the product doesn’t go up, but the price per unit of weight or volume has increased. The small reduction in quantity is usually unnoticed by consumers hence its never create any impact on cost reconciliation report.
shrinkflation is the technique for balancing of costing and market inflation hence, Shrinkflation is never treated in accounting.
Add Answer to:
How does Shrinkflation affect a cost reconciliation report?
When the sizes or weights of the actual...
Prepare a schedule that shows how the equivalent units were computed so that you can complete...
Prepare a schedule that shows how the equivalent units were
computed so that you can complete the “Quantities: Units accounted
for” equivalent units section shown in the production cost report,
and compute October unit costs.
HAMILTON PROCESSING COMPANY
Mixing and Cooking Department
Production Cost Report
For the Month Ended October 31
Equivalent Units
Quantities
Physical
Units
Materials
Conversion
Costs
Units to be accounted for
Work in process, October 1
(all materials, 70% conversion costs)
22,600
Started into production
169,500
Total...
Problem 16-6A (Part Level Submission) Hamilton Processing Company uses a weighted-average process cost system and manufactures...
Problem 16-6A (Part Level Submission)
Hamilton Processing Company uses a weighted-average process cost
system and manufactures a single product—an industrial carpet
shampoo and cleaner used by many universities. The manufacturing
activity for the month of October has just been completed. A
partially completed production cost report for the month of October
for the Mixing and Cooking department is as follows.
(a)
Your answer is correct.
Prepare a schedule that shows how the equivalent units were
computed so that you can...
Assume the following information appears in the Milling Department's cost reconciliation report: Milling Department Costs added...
Assume the following information appears in the Milling Department's cost reconciliation report: Milling Department Costs added to production during the period Cost of beginning work in process inventory Cost of the units transferred out of the Milling Department Materials $650,000 $ 15,000 $645,000 What is the cost of the ending work in process inventory of the Milling Department? Multiple Choice $20,000 $35,000 $5,000 O $25,000 If a properly completed cost reconciliation report for a particular department says that the total...
P3-6A Hamilton Processing Company uses a weighted-average process cost system and manufactures a single product-an industrial...
P3-6A Hamilton Processing Company uses a weighted-average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been com- pleted. A partially completed production cost report for the month of October for the Mixing and Cooking Department is shown on page 130. Instructions (a) Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units...
Discussion Questions for Module 1: Question 1: How do product costs affect the financial statements? How...
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Prepare a schedule that shows how the equivalent units were computed so that you can complete...
Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for" equivalent units section si (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to o decimal places, e.g. 125.) HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Physical Conversion Quantities Units Materials Costs Units to be accounted for Work in process, October 1 20,000 (all materials,...
Problem 16-6A (Part Level Submission) Hamilton Processing Company uses a weighted average process cost system and...
Problem 16-6A (Part Level Submission) Hamilton Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. (a) Your answer is correct. Prepare a schedule that shows how the equivalent units were computed so that you...
how do I calculate? The following partially completed process cost summary describes the July production activities...
how do I calculate?
The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials Conversion 33,500 EUP 33,500 EUP 4,000 EUP...
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by...
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit July 20,280 868,530 848,250 165,300 1,033,830 1 Bal., 6,500 units, 2/5 completed 31 Direct...
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by...
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit July 308,700 1 Bal., 4,900 units, 1/5 completed 31 Direct materials, 220,500 units 31...
Prepare a schedule that shows how the equivalent units were
computed so that you can complete the “Quantities: Units accounted
for” equivalent units section shown in the production cost report,
and compute October unit costs.
HAMILTON PROCESSING COMPANY
Mixing and Cooking Department
Production Cost Report
For the Month Ended October 31
Equivalent Units
Quantities
Physical
Units
Materials
Conversion
Costs
Units to be accounted for
Work in process, October 1
(all materials, 70% conversion costs)
22,600
Started into production
169,500
Total...
Problem 16-6A (Part Level Submission)
Hamilton Processing Company uses a weighted-average process cost
system and manufactures a single product—an industrial carpet
shampoo and cleaner used by many universities. The manufacturing
activity for the month of October has just been completed. A
partially completed production cost report for the month of October
for the Mixing and Cooking department is as follows.
(a)
Your answer is correct.
Prepare a schedule that shows how the equivalent units were
computed so that you can...
Assume the following information appears in the Milling Department's cost reconciliation report: Milling Department Costs added to production during the period Cost of beginning work in process inventory Cost of the units transferred out of the Milling Department Materials $650,000 $ 15,000 $645,000 What is the cost of the ending work in process inventory of the Milling Department? Multiple Choice $20,000 $35,000 $5,000 O $25,000 If a properly completed cost reconciliation report for a particular department says that the total...
P3-6A Hamilton Processing Company uses a weighted-average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been com- pleted. A partially completed production cost report for the month of October for the Mixing and Cooking Department is shown on page 130. Instructions (a) Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units...
Discussion Questions for Module 1: Question 1: How do product costs affect the financial statements? How does the classification of product cost (as an asset vs. an expense) affect net income? Be specific. Question 2: Sam's Garage is trying to determine the cost of providing an oil change. Why would the average cost of this service be more relevant than the actual cost for each customer? Question 3: Because of seasonal fluctuations, Noble Corporation has a problem determining the unit...
Prepare a schedule that shows how the equivalent units were computed so that you can complete the "Quantities: Units accounted for" equivalent units section si (Round unit costs to 2 decimal places, e.g. 2.25 and other answers to o decimal places, e.g. 125.) HAMILTON PROCESSING COMPANY Mixing and Cooking Department Production Cost Report For the Month Ended October 31 Equivalent Units Physical Conversion Quantities Units Materials Costs Units to be accounted for Work in process, October 1 20,000 (all materials,...
Problem 16-6A (Part Level Submission) Hamilton Processing Company uses a weighted average process cost system and manufactures a single product-an industrial carpet shampoo and cleaner used by many universities. The manufacturing activity for the month of October has just been completed. A partially completed production cost report for the month of October for the Mixing and Cooking department is as follows. (a) Your answer is correct. Prepare a schedule that shows how the equivalent units were computed so that you...
how do I calculate?
The following partially completed process cost summary describes the July production activities of the Molding department at Ashad Company. Its production output is sent to the next department. All direct materials are added to products when processing begins. Beginning work in process inventory is 20% complete with respect to conversion. Equivalent Units of Production Units transferred out Units of ending work in process Equivalent units of production Direct Materials Conversion 33,500 EUP 33,500 EUP 4,000 EUP...
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit July 20,280 868,530 848,250 165,300 1,033,830 1 Bal., 6,500 units, 2/5 completed 31 Direct...
Cost of Production Report Hana Coffee Company roasts and packs coffee beans. The process begins by placing coffee beans into the Roasting Department. From the Roasting Department, coffee beans are then transferred to the Packing Department. The following is a partial work in process account of the Roasting Department at July 31: ACCOUNT Work in Process-Roasting Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit July 308,700 1 Bal., 4,900 units, 1/5 completed 31 Direct materials, 220,500 units 31...
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