Baking Company uses an automated process to produce a baking product. For March, the company had...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Baking Company uses an automated process to produce a baking product. For March, the company had the following activities in the pounding department, which is followed by the mixing department: Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. After the pounding process is done the costs and next production department is the mixing department. The pounding process is the first department in the process. DATA for the pounding department: Total Physical Units Direct Materials Conversion Costs Costs $3,850 $7,770 Beginning work-in-process Degree of Completion of Beginning Work in process Started During March Completed and transferred out during March 2,000 units $3,920 100% 80% 12,000 units 10,000 units Ending Work in Process Inventory Degree of Completed of ending work in process Total costs Added during March ???? units 100% 45% $20,160 $5,000 $25,160 You may find it helpful to compute the following units and percentage so you can reference this information as data to complete my production reports. You are more than welcome to set up your own Data information on this DATA worksheet to reference on your production reports. the 2 production reports, so I know you need this information, too. Calculate the Units started and completed and the ending work-in-process for the pounding department. Units started and completed Ending Work in Units process Units Determine the percentage of materials and conversion costs used(added) in the current period (March) for the pounding department's beginning, units started and completed, and ending work-in-process. Materials Conversion costs Beginning work in process Units started and completed Ending work-in-process Required: 1. Prepare a production report for the pounding department using weighted average. Please use the worksheet named weighted average and use only cell referencing and formulas on your production report using this DATA worksheet for your data. 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type In the journal entry below your production report on the appropriate worksheet. 3. Prepare a production report for the pounding department using FIFO. Please use the worksheet named FIFO and use only cell referencing and formulas on your production report using this DATA worksheet for your data. 4. Prepare the Journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet. Baking Company uses an automated process to produce a baking product. For March, the company had the following activities in the pounding department, which is followed by the mixing department: Direct materials are placed into production at the beginning of the process and conversion costs are incurred evenly throughout the process. After the pounding process is done the costs and next production department is the mixing department. The pounding process is the first department in the process. DATA for the pounding department: Total Physical Units Direct Materials Conversion Costs Costs $3,850 $7,770 Beginning work-in-process Degree of Completion of Beginning Work in process Started During March Completed and transferred out during March 2,000 units $3,920 100% 80% 12,000 units 10,000 units Ending Work in Process Inventory Degree of Completed of ending work in process Total costs Added during March ???? units 100% 45% $20,160 $5,000 $25,160 You may find it helpful to compute the following units and percentage so you can reference this information as data to complete my production reports. You are more than welcome to set up your own Data information on this DATA worksheet to reference on your production reports. the 2 production reports, so I know you need this information, too. Calculate the Units started and completed and the ending work-in-process for the pounding department. Units started and completed Ending Work in Units process Units Determine the percentage of materials and conversion costs used(added) in the current period (March) for the pounding department's beginning, units started and completed, and ending work-in-process. Materials Conversion costs Beginning work in process Units started and completed Ending work-in-process Required: 1. Prepare a production report for the pounding department using weighted average. Please use the worksheet named weighted average and use only cell referencing and formulas on your production report using this DATA worksheet for your data. 2. Prepare the journal entry to show the costs flowing from the pounding department to the mixing department. You can type In the journal entry below your production report on the appropriate worksheet. 3. Prepare a production report for the pounding department using FIFO. Please use the worksheet named FIFO and use only cell referencing and formulas on your production report using this DATA worksheet for your data. 4. Prepare the Journal entry to show the costs flowing from the pounding department to the mixing department. You can type in the journal entry below your production report on the appropriate worksheet.
Expert Answer:
Answer rating: 100% (QA)
Units started and completed 8000 units Ending Work in Process 4000 units Material Conversion Beginning Work in Process 0 20 Units started and complete... View the full answer
Related Book For
Intermediate Accounting
ISBN: 978-0470423684
13th Edition
Authors: Donald E. Kieso, Jerry J. Weygandt, And Terry D. Warfield
Posted Date:
Students also viewed these accounting questions
-
For the exercises in this lesson, you may find it helpful to use a window on your calculator that has friendly x-values. A background grid may also be helpful. 1. Identify each quadratic function as...
-
At the beginning of 2018, Quentin and Kopps (Q&K) adopted the dollar-value LIFO (DVL) inventory method. On that date the value of its one inventory pool was $84,000. The company uses an internally...
-
Surf Products Company uses an automated process to clean and polish its souvenir items. For March, the company had the following activities: Beginning work in process inventory 0 items Units placed...
-
Assume that a company is going to invest 900,000 USD in a new project. We expect that the invested capital in the fixed assets will be fully depreciated within 3 years in a linear way. The project is...
-
The administration wants to estimate the proportion of students at Pitcairn College (enrollment: 12,000) who favor a change in the pass/ fail grading system. A random sample of 200 students is...
-
The trial balance before adjustment of Chloe Inc. shows the following balances: Instructions (a) Give the entry for bad debt expense for the current year assuming: 1. The allowance should be 4% of...
-
Confirm that the definition of the streamfunction given in the text satisfies the continuity equation. Use this in the N-S equation and derive the form for the \(E^{4}\) operator in spherical...
-
You are considering opening a copy service in the student union. You estimate your fixed cost at $15,000 and the variable cost of each copy sold at $.01. You expect the selling price to average $.05....
-
To properly distribute its fleet of patrol cars, the police collect data on the incidence of crime on residents for each sector of the region it serves. Each sector has 1,000 residents. Crimes by...
-
Lang and Thomas, a local CPA firm, has been asked to bid on a contract to perform audits for three counties in its home state. Should the firm be awarded the contract, it must hire one new staff...
-
PREPARE A CASH FLOW STATEMENT (USE THE TEMPLATE PROVIDED BELOW) CASH FLOW STATEMENT TEMPLATE Current Assets Cash Accounts Receivable Inventory Total Current Assets Fixed Assets Land Building Less:...
-
HD \(10180 \mathrm{~g}\) orbits with a period of 600 days at a distance of 1.4 au from its star. What is the ratio of the star's mass to our sun's mass? In recent years, scientists have discovered...
-
a. Can the normal force on an object be directed horizontally? If not, why not? If so, provide an example. b. Can the normal force on an object be directed downward? If not, why not? If so, provide...
-
How much time does it take for the spacecraft to complete one orbit? A. \(38 \mathrm{~min}\) B. \(76 \mathrm{~min}\) C. \(110 \mathrm{~min}\) D. \(220 \mathrm{~min}\)
-
A satellite orbiting the moon very near the surface has a period of \(110 \mathrm{~min}\). Use this information, together with the radius of the moon from the table on the inside of the back cover,...
-
Two horizontal rods are each held up by vertical strings tied to their ends. Rod 1 has length \(L\) and mass \(M\); rod 2 has length \(2 L\) and mass \(2 M\). Each rod then has one of its supporting...
-
An excise tax of $1.00 per gallon of gasoline placed on the suppliers of gasoline would shift the supply curve Multiple Choice O down by $1.00. down by more than $1.00. up by $1.00. up by less than...
-
Find the image of x = k = const under w = 1/z. Use formulas similar to those in Example 1. y| y = 0 -21 -2 -1 -1, /1 12 T -1 -1 y= -2 x =0
-
Differentiate between financial statements and financial reporting.
-
Wynn Company offers a set of building blocks to customers who send in 3 UPC codes from Wynn cereal, along with 50. The blocks sets cost Wynn $1.10 each to purchase and 60 each to mail to customers...
-
Interest during Construction Grieg Landscaping began construction of a new plant on December 1, 2010. On this date the company purchased a parcel of land for $139,000 in cash. In addition, it paid...
-
Why are none of the bulbs in Figure 31. 24 lit? Data from Figure 31. 24 Figure 31.24 (1) (iii) NNN
-
In Figure 31. 26, bulb B is brighter than bulb C, which in turn is brighter than bulb A. Rank, largest first, \((a)\) the magnitudes of the potential differences across the bulbs, \((b)\) the...
-
In Figure 31. 25, identify the energy conversions that occur between points \(A\) and \(B, B\) and \(\mathrm{C}, \mathrm{C}\) and \(\mathrm{D}\), and \(\mathrm{D}\) and \(\mathrm{A}\). Data from...
Study smarter with the SolutionInn App