Pennsylvania Company produces a product that passes through two processes: grinding and mixing. Information related to...
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Pennsylvania Company produces a product that passes through two processes: grinding and mixing. Information related to its grinding department manufacturing activities for July follows. The company uses the weighted-average method of proces costing. Grinding Department Grinding Department Beginning work in process inventory (units). ... Percentage completed-Materials Percentage completed-Conversion Beginning work in process inventory (costs) Raw Materials 5,000 Beginning inventory S100.000 100% Raw materials purchased on credit 211.400 70% Direct materials used (190.000) (51.400) $ 70.000 Indirect materials used Direct materials used $ 20,000 Ending inventory Direct labor incurred 9,600 Overhead applied (200% of direct labor) Total costs of beginning work in process 19,200 Factory Payroll 48.800 Direct labor incurred $ 55.500 Indirect labor incurred 50.625 Units started this period. Units transferred to mixing this period. 20.000 Total payroll S106.125 17.000 Factory Overhead Indirect materials used Ending work in process inventory (unies). Percentage completed-Materials Percentage completed-Conversion 8.000 $ 51,400 100% Indirect labor used 50.625 20% Other overhead costs 71,725 Total factory overhead incurred $173.750 Factory Overhead Applied Overhead sppled (200% of direct labor). Required Complete the requirements below for the grinding department. 1. Prepare a physical flow reconciliation for July. 2. Compute the equivalent units of production in July for direct materials and conversion. 3. Compute the costs per equivalent units of production in July for direct materials and conversion. 4. Prepare a report of costs accounted for and a report of costs to account for. Pennsylvania Company produces a product that passes through two processes: grinding and mixing. Information related to its grinding department manufacturing activities for July follows. The company uses the weighted-average method of proces costing. Grinding Department Grinding Department Beginning work in process inventory (units). ... Percentage completed-Materials Percentage completed-Conversion Beginning work in process inventory (costs) Raw Materials 5,000 Beginning inventory S100.000 100% Raw materials purchased on credit 211.400 70% Direct materials used (190.000) (51.400) $ 70.000 Indirect materials used Direct materials used $ 20,000 Ending inventory Direct labor incurred 9,600 Overhead applied (200% of direct labor) Total costs of beginning work in process 19,200 Factory Payroll 48.800 Direct labor incurred $ 55.500 Indirect labor incurred 50.625 Units started this period. Units transferred to mixing this period. 20.000 Total payroll S106.125 17.000 Factory Overhead Indirect materials used Ending work in process inventory (unies). Percentage completed-Materials Percentage completed-Conversion 8.000 $ 51,400 100% Indirect labor used 50.625 20% Other overhead costs 71,725 Total factory overhead incurred $173.750 Factory Overhead Applied Overhead sppled (200% of direct labor). Required Complete the requirements below for the grinding department. 1. Prepare a physical flow reconciliation for July. 2. Compute the equivalent units of production in July for direct materials and conversion. 3. Compute the costs per equivalent units of production in July for direct materials and conversion. 4. Prepare a report of costs accounted for and a report of costs to account for.
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Related Book For
Cornerstones of Financial and Managerial Accounting
ISBN: 978-1111879044
2nd edition
Authors: Rich, Jeff Jones, Dan Heitger, Maryanne Mowen, Don Hansen
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