1. Prepare a cost of production report for the Sifting Department for July. UNITS WHITE DIAMOND...
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1. Prepare a cost of production report for the Sifting Department for July. UNITS WHITE DIAMOND FLOUR COMPANY Cost of Production Report-Sifting Department For the Month Ended July 31, 2016 Units charged to production: Inventory in process, July 1 Received from Milling Department Total units accounted for by the Sifting Department Units to be assigned costs: Inventory in process, July 1 (completed) Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 ( completed) Total units to be assigned costs Whole Units 900 15,700 16,600 900 14,600 15,500 1,100 16,600 Equivalent Units Direct Materials 0 14,600 14,600 1,100 15,700 Conversion 360 14,600 14,960 880 15,840 2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Refer to the Chart of Accounts for correct wording of account titles. How does grading work? 1 2 3 4 DATE DESCRIPTION Jul. 31 Work in Process-Sifting Department Work in Process-Milling Department Jul. 31 Work in Process-Packaging Department Work in Process-Sifting Department JOURNAL POST. REF. DEBIT 33,755.00 40,183.00 PAGE 10 Score: 51/51 CREDIT 33,755.00 40,183.00 White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as follows on July 1, 2016: Work in Process-Sifting Department (900 units, completed): Direct materials (900 × $2.05) $1,845 Conversion (900** $0.40) 216 $2,061 The following costs were charged to Work in Process-Sifting Department during July: Direct materials transferred from Milling Department: 15,700 units at $2.15 a unit $33,755 Direct labor Factory overhead 4,420 2,708 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. $1,806.00 X Increase ✔ $231.00 X Increase ✔ Direct materials: Conversion: Points: 2/4 1. Prepare a cost of production report for the Sifting Department for July. UNITS WHITE DIAMOND FLOUR COMPANY Cost of Production Report-Sifting Department For the Month Ended July 31, 2016 Units charged to production: Inventory in process, July 1 Received from Milling Department Total units accounted for by the Sifting Department Units to be assigned costs: Inventory in process, July 1 (completed) Started and completed in July Transferred to Packaging Department in July Inventory in process, July 31 ( completed) Total units to be assigned costs Whole Units 900 15,700 16,600 900 14,600 15,500 1,100 16,600 Equivalent Units Direct Materials 0 14,600 14,600 1,100 15,700 Conversion 360 14,600 14,960 880 15,840 2. Journalize the entries for costs transferred from Milling to Sifting and the costs transferred from Sifting to Packaging. Refer to the Chart of Accounts for correct wording of account titles. How does grading work? 1 2 3 4 DATE DESCRIPTION Jul. 31 Work in Process-Sifting Department Work in Process-Milling Department Jul. 31 Work in Process-Packaging Department Work in Process-Sifting Department JOURNAL POST. REF. DEBIT 33,755.00 40,183.00 PAGE 10 Score: 51/51 CREDIT 33,755.00 40,183.00 White Diamond Flour Company manufactures flour by a series of three processes, beginning with wheat grain being introduced in the Milling Department. From the Milling Department, the materials pass through the Sifting and Packaging departments, emerging as packaged refined flour. The balance in the account Work in Process-Sifting Department was as follows on July 1, 2016: Work in Process-Sifting Department (900 units, completed): Direct materials (900 × $2.05) $1,845 Conversion (900** $0.40) 216 $2,061 The following costs were charged to Work in Process-Sifting Department during July: Direct materials transferred from Milling Department: 15,700 units at $2.15 a unit $33,755 Direct labor Factory overhead 4,420 2,708 3. Determine the increase or decrease in the cost per equivalent unit from June to July for direct materials and conversion costs. $1,806.00 X Increase ✔ $231.00 X Increase ✔ Direct materials: Conversion: Points: 2/4
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Financial and Managerial Accounting Using Excel for Success
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