a | Schedule of Equivalent units | |||||
Particulars | Whole Units | Equivalent Units | ||||
% | Units | |||||
Beginning Inventory | 360000 | |||||
Units added to production | 600000 | |||||
Total Units to be accouted for | 960000 | |||||
Transferred to bottling units | 600000 | 100% | 600000 | |||
Ending Inventory | 360000 | 30% | 108000 | |||
Total Units to be accouted for | 960000 | 708000 | ||||
b | Determination of Product Cost per unit | |||||
Particulars | Amount | |||||
Beginning Inventory | 43200 | |||||
Cost added to production | 48840 | |||||
Total to be accounted for | 92040 | |||||
Total equivalent units | 708000 | |||||
Cost per equivalent unit | 0.13 | |||||
WN | ||||||
Cost added to production | Direct Materials added to production + direct labor +overhead | |||||
26840+2000*9.4+1.6*2000 | ||||||
48840 | ||||||
c | Calculation of the allocation is calculated as below: | |||||
Bottling Department | 360000*.13 | 46800 | ||||
Ending Inventory | 108000*.13 | 14040 | ||||
Total Allocated Cost | 60840 | |||||
d | T Accounts | |||||
Cash | ||||||
Amount | Amount | |||||
Beg Balance | 48000 | By Raw Material | 24380 | |||
To Common Stock | 56000 | By Production Supplies | 700 | |||
By WIP mixing | 18800 | |||||
By Mfg OH | 1880 | |||||
200 hrs*9.4 | ||||||
By Mfg OH | 3200 | |||||
End Balance | 55040 | |||||
Common Stock | ||||||
Amount | Amount | |||||
End Balance | 151700 | Beg Balance | 95700 | |||
By Cash | 56000 | |||||
Production Supplies | ||||||
Amount | Amount | |||||
Beg Balance | 100 | By Mfg OH | 250 | |||
Cash | 700 | |||||
End Balance | 550 | |||||
MFG OH | ||||||
Amount | Amount | |||||
Cash | 1880 | |||||
Cash | 3200 | |||||
Production Supplies | 250 | End Balance | 5330 | |||
Raw Material | ||||||
Amount | Amount | |||||
Beg Balance | 14600 | |||||
Cash | 24380 | End Balance | 38980 | |||
WIP mixing | ||||||
Amount | Amount | |||||
Beg Balance | 43200 | WIP Bottling | 46800 | |||
Cash | 18800 | End Balance | 15200 |
18 Fanning Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling Fanning's beginning balances and data pertinent to the mixing depa...
HELP WITH T-ACCOUNTS... 3 Wright Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling Wright's beginning balances and data pertinent to the mixing department's activities for 2018 follow: Beginning Balances $ 5e,000 14,800 34 ints Accounts Cash Raw materials inventory Production supplies Work in process inventory (400,00e units) Common stock 48,900 $112,900 1. Wright Cola issued additional common stock for $80,000 cash 2. The company purchased raw materials and production supplies for...
Process costing system Wright Cola Corporation produces a new soft drink brand, Sweet Spring, using two production departments: mixing and bottling. Wright's beginning balances and data pertinent to the mixing department's activities for 2018 follow Accounts Beginning Balances Cash $50,000 14,800 Raw materials inventory Production supplies Work in process inventory (400,000 units) 100 48,000 $112,900 Common stock 1. Wright Cola issued additional common stock for $80,000 cash 2. The company purchased raw materials and production supplies for $29,600 and $800...
Munoz Plastic Products Company makes a plastic toy using two departments: parts and assembly. The following data pertain to the parts department’s transactions in 2018: The beginning balance in the Work in Process Inventory account was $12,300. This inventory consisted of parts for 1,000 toys. The beginning balances in the Raw Materials Inventory, Production Supplies, and Cash accounts were $162,350, $2,000, and $400,000, respectively. Direct materials costing $138,750 were issued to the parts department. The materials were sufficient to make...
Munoz Plastic Products Company makes a plastic toy using two departments: parts and assembly. The following data pertain to the parts department’s transactions in 2018: The beginning balance in the Work in Process Inventory account was $12,300. This inventory consisted of parts for 1,000 toys. The beginning balances in the Raw Materials Inventory, Production Supplies, and Cash accounts were $162,350, $2,000, and $400,000, respectively. Direct materials costing $138,750 were issued to the parts department. The materials were sufficient to make...
Perez Plastic Products Company makes a plastic toy using two departments: parts and assembly. The following data pertain to the parts department's transactions in 2018: 1. The beginning balance in the Work in Process Inventory account was $12,200. This inventory consisted of parts for 1,000 toys. The beginning balances in the Raw Materials inventory Production Supplies, and Cash accounts were $178,400, $2.000 and $400,000, respectively 2. Direct materials costing $156,200 were issued to the parts department. The materials were sufficient...
Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the mixing department. The company uses the weighted average method. Monsta Cola hires us to help assign and report costs. The company has two departments: mixing and bottling. To aid our analysis, the following Tableau Dashboard is provided with information for the mixing department. The company uses the weighted...
6. The parts department completed work for 5,500 toys. The remaining toy parts were 40 percent complete. The completed parts were transferred to the assembly department 7. All of the production supplies had been used by the end of 2018 8. Over- or underapplied overhead was closed to the Cost of Goods Sold account Required a. Determine the number of equivalent units of production b. Determine the product cost per equivalent unit c. Calculate the total cost allocated between the...
Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Mino uses the weighted average method. The following are cost and production data for the cooking department for April (Note: Assume that units are measured in gallons.): Production: Units in process, April 1, 60% complete 32,000 Units completed and transferred out 49,000 Units in process, April 30, 20% complete 12,000 Costs: WIP, April 1 $ 90,600 Costs added during April 413,120 Required: Prepare a...
Production Report, Weighted Average Mino Inc. manufactures chocolate syrup in three departments: Cooking, Mixing, and Bottling. Mino uses the weighted average method. The following are cost and production data for the cooking department for April (Note: Assume that units are measured in gallons.): Production: Units in process, April 1, 60% complete 23,000 Units completed and transferred out 47,500 Units in process, April 30, 20% complete 10,500 Costs: WIP, April 1 $ 85,600 Costs added during April 340,960 Required: Prepare a...
Problem 6-15 Comprehensive Process Costing Problem (LO1, LO2, LO3, LO4, L05) Fryer's Choice produces a specially blended vegetable oil widely used in restaurant deep fryers. The blending process creates a cooking oil that can be heated to a high temperature, but does not smoke or smell. The oil is produced in two departments: Blending and Bottling. Raw materials are introduced at various points in the Blending Department. The following incomplete Work in Process T-account is available for the Blending Department...