Question: please help me solve this step by step as I'm currently struggling It is June 1, 2022 and the secret is out: Your catering is

please help me solve this step by step as I'm currently struggling
 please help me solve this step by step as I'm currently
struggling It is June 1, 2022 and the secret is out: Your
catering is such a hit that you finally opened a small bakery
just around the corner called The Cupcake Escape. You no longer track
costs by job. You have switched to a process costing systern and
have three different major processes: baking decorating, and packaging. Cupcakes are transferred
to the decorating department immediately after they are 'turned out' from their
baking pans. Cupcakes are cooled in the decorating department chiller for at

It is June 1, 2022 and the secret is out: Your catering is such a hit that you finally opened a small bakery just around the corner called The Cupcake Escape. You no longer track costs by job. You have switched to a process costing systern and have three different major processes: baking decorating, and packaging. Cupcakes are transferred to the decorating department immediately after they are 'turned out' from their baking pans. Cupcakes are cooled in the decorating department chiller for at least 2 hours to ensure optimal conditionbefore applying the frosting. This is why there is inventory in process at the end of a period. You reviewed the Cost of Production Report for the Deconating Depsirment for the month of May. The report does not seem correct when it is compared to the reports submitted b. the Baking Department and Packaging Department. See the Cost of Production Report - Decorating Department below. A spreadsheet is also attached to help answer the following questions. Cost Information Question 1 The report shows that the inventory in Process on May 1 is 103 but you believe the amount is understated by 72 . Calculate the Total units to be assigned costs for Conversion equivalent units using the correct information. Round to the nearest whole number. The report shows that the Inventory in Process on May 1 is 103 but you believe the amount is understated by 93 . Calculate the 'Total units to be assigned costs' for Direct Materiat units using the correct information. Round to the nearest whole number After talking with the various managers, it is determined that the inventory in process on May 1 is correct. You now have a question about the percent complete for May 31. Currently, the report shows that inventory was 80% complete but you believe the percent complete should be 83.8 percent. Calculate the 'Total units to be assigned costs' for Conversion equivalent units using the correct percent complete. Round to the nearest whole number. ie Cost of Production Report is still new to you. You ask the managers why the Direct Materials used for the 'Inventory in Process' on May 31 is 3,000 units anagers tell you: Thanks for catching the error: it should have been only Boss of the quteriaks All direct mutenals are considered to be added at the beginning of a process This 6 true even when miphnes and ships are being bullt. It is important to understand how eirect materiak are Added to the friahed produce for our bakery all direct mateiak are added at the beginning of the procew. Thunks for catcting the ettor it should have beer 0 uaits of Direct Materias This question is worth 8 points. Inflation impacted both the cost of raw materials and labor rates. As a result. the Total costs for May in Decorating Department for both Direct Materials and Corversion costs are incorrect. The new amcunts are: - Direct Materials = $23,336.34 - Conversion $4.983.30 Calculate the Total costs assigned by the Decorating Departunent using the new costs. Information in the Unit information section remains uncharged. There are a number of interim calculations. Use the workbook to male the process a bit easier and round your answer to the nearest whole number. This question is worth 2 points. Factory overhead is based on the number of dozens of cupcakes that are decorated, You estimated that total factory overhead costs for the Decorating Department for this year would be $318.855 and that the factory would produce 135,353 dozen cupcakes per year: What is the predetermined factory overhead rate based on dozens of cupcakes? Round your answer to the nearest whole number: This question is worth 2 points. It is time to update the accounting records with the information from the Cost of Production Report. Refer to the Cost of Production report for the anount to transfer to the Packaging Department. It is June 1, 2022 and the secret is out: Your catering is such a hit that you finally opened a small bakery just around the corner called The Cupcake Escape. You no longer track costs by job. You have switched to a process costing systern and have three different major processes: baking decorating, and packaging. Cupcakes are transferred to the decorating department immediately after they are 'turned out' from their baking pans. Cupcakes are cooled in the decorating department chiller for at least 2 hours to ensure optimal conditionbefore applying the frosting. This is why there is inventory in process at the end of a period. You reviewed the Cost of Production Report for the Deconating Depsirment for the month of May. The report does not seem correct when it is compared to the reports submitted b. the Baking Department and Packaging Department. See the Cost of Production Report - Decorating Department below. A spreadsheet is also attached to help answer the following questions. Cost Information Question 1 The report shows that the inventory in Process on May 1 is 103 but you believe the amount is understated by 72 . Calculate the Total units to be assigned costs for Conversion equivalent units using the correct information. Round to the nearest whole number. The report shows that the Inventory in Process on May 1 is 103 but you believe the amount is understated by 93 . Calculate the 'Total units to be assigned costs' for Direct Materiat units using the correct information. Round to the nearest whole number After talking with the various managers, it is determined that the inventory in process on May 1 is correct. You now have a question about the percent complete for May 31. Currently, the report shows that inventory was 80% complete but you believe the percent complete should be 83.8 percent. Calculate the 'Total units to be assigned costs' for Conversion equivalent units using the correct percent complete. Round to the nearest whole number. ie Cost of Production Report is still new to you. You ask the managers why the Direct Materials used for the 'Inventory in Process' on May 31 is 3,000 units anagers tell you: Thanks for catching the error: it should have been only Boss of the quteriaks All direct mutenals are considered to be added at the beginning of a process This 6 true even when miphnes and ships are being bullt. It is important to understand how eirect materiak are Added to the friahed produce for our bakery all direct mateiak are added at the beginning of the procew. Thunks for catcting the ettor it should have beer 0 uaits of Direct Materias This question is worth 8 points. Inflation impacted both the cost of raw materials and labor rates. As a result. the Total costs for May in Decorating Department for both Direct Materials and Corversion costs are incorrect. The new amcunts are: - Direct Materials = $23,336.34 - Conversion $4.983.30 Calculate the Total costs assigned by the Decorating Departunent using the new costs. Information in the Unit information section remains uncharged. There are a number of interim calculations. Use the workbook to male the process a bit easier and round your answer to the nearest whole number. This question is worth 2 points. Factory overhead is based on the number of dozens of cupcakes that are decorated, You estimated that total factory overhead costs for the Decorating Department for this year would be $318.855 and that the factory would produce 135,353 dozen cupcakes per year: What is the predetermined factory overhead rate based on dozens of cupcakes? Round your answer to the nearest whole number: This question is worth 2 points. It is time to update the accounting records with the information from the Cost of Production Report. Refer to the Cost of Production report for the anount to transfer to the Packaging Department

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