Operation Costing
The November production of MVP’s Minnesota Division consisted of batch P25 (2.000 professional basketballs) and batch 533 (4,000 scholastic basketballs). Each batch was started and finished during November. and there was. no beginning or ending work in process. Costs incurred were as follows:
DirectMaterial:
Batch P25, $42,000, including $2,500 for packaging material; batch $33, $45.000.
ConversionCosts:
Preparation Department, predetermined rate of $7.50 per unit: Finishing Department, predetermined rate of $6.00 per unit: Packaging Department, predetermined rate of $.50 per unit. (Only the professional balls are packaged.)
Required:
1. Draw a diagram depicting the division's batch manufacturing process. Refer to Exhibit 4-10for guidance.
2. Compute the November product cost for each type of basketball.
3. Prepare journal entries to record the cost flows during November.
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