Homework Answers
(1) Calculation of Equivalent Units of Production (on FIFO Basis)
|
Particulars |
Input Units |
Particulars |
Output Units |
Equivalent Production |
|||
|
Pulping |
Conversion |
||||||
|
% |
Units |
% |
Units |
||||
|
Opening Work In Process |
3400 |
Completed and Transferred to next Process : |
|||||
|
Units Tranf. To next Process |
166,400 |
From Opening WIP |
3400 |
- |
- |
20 % |
680 |
|
Closing Work in Process |
4000 |
From Fresh Issue (166,400-3400) |
163,000 |
100% |
163,000 |
100% |
163,000 |
|
Closing Unfinished Work in Process |
4,000 |
100% |
4,000 |
75% |
3,000 |
||
|
Total Equivalent Unit of Production |
167,000 |
166,680 |
(2) Calculation of Cost per unit of Equivalent Production
|
Particulars |
Cost |
Equivalent Units of Production |
Cost per equivalent unit |
|
Pulping |
$116,985 |
167,000 |
$ 0.70 per unit |
|
Conversion |
$ 73,176 |
166,680 |
$ 0.44 per unit |
(3) and (4) Calculation of Cost of Closing Work in Process and Units Transferred
|
Particulars |
Pulping |
Conversion |
Total |
|
Closing Work in Process |
4000 units * $ 0.70 = $ 2,802.04 |
3000 Units * $ 0.44 = $ 1,317.06 |
$ 4,119.10 |
|
Units Transferred to Next Process |
(163,000 units * $ 0.70) + $ 2,295 = $ 116,477.96 |
(163000 Units * 0.44) + (680 Units * 0.44) + $ 1,360 = $73,218.94 |
$189,696.90 |
(5) Reconciliation Statement :
|
Particulars |
Cost |
|
Cost to be Accounted For : |
|
|
Cost of Beginning Work in Process Inventory |
($2295 + $1360) = $3,655 |
|
Cost Added to Production during the period |
($116,985 + $ 73,176) = $190,161 |
|
$ 193,816 |
|
|
Cost Accounted For : |
|
|
Cost of Closing Work in Process Inventory |
$4,119.10 |
|
Cost of Units Transferred to Next Process |
$189,696.90 |
|
$ 193,816 |
Add Answer to:
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Scribners corporation produces
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 on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is...
Scribners Corporation produces fine papers in three production departments -Pulping, Drying, and Finishing. In the Pulping...
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 on porous webs pressed to remove excess liquid and dried in ovens. In the Finishing Department, the dried paper is coated, cut,...
Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department,...
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 on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and...
Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department,...
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 on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and...
Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department,...
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 on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and...
Scribners Corporation produces fine papers in three production departments—Pulping, Drying, and Finishing. In the Pulping Department,...
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 on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and...
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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 on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and...
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