Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department,...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow: Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Units Percent Completed Pulping Conversion 3,500 100% 80% 5,500 100% 70% $ 1,645 $ 1,050 154,900 $ 78,555 $ 52,925 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. 5. Prepare a cost reconciliation report for the Drying Department for March. Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted-average method in its process costing system. Data for March for the Drying Department follow: Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Units Percent Completed Pulping Conversion 3,500 100% 80% 5,500 100% 70% $ 1,645 $ 1,050 154,900 $ 78,555 $ 52,925 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. 5. Prepare a cost reconciliation report for the Drying Department for March.
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
Using your contacts, interview a PM for an IT Project and write a two to three pages summary on the issues discussed. Interview this person (in person, via phone, or via the Internet), about being a...
-
Refer to the data for Alou Equipment Repair Corp. in P4.9A. Assume that Alou closes its books monthly. In P4.9A On October 31, 2018, Alou Equipment Repair Corp.'s opening trial balance was as...
-
In Problem 3.11.1, the head loss from the abrupt contraction and expansion were calculated to be 0.606 m and 1.03 m, respectively. With the same flow rate and geometry, determine the corresponding...
-
Wiretapping, a form of electronic surveillance, can be used by: a. Internal auditors. b. Company controllers. c. CPAs. d. All of the above. e. None of the above.
-
Given the following information, prepare a statement of cash flows. Increase in accounts receivable $25 Increase in inventories Operating income Interest expense 30 75 12 25 Increase in accounts...
-
What target market is Modify Watches seeking to serve and how attractive is that market?
-
6. 7. 8. 9. You are given a converging lens with equal radii of curvature and a diverging lens with the same radii of curvature as those of the converging lens. The lenses are made of material with n...
-
A marketing team wants to understand the potential reasons why a recent advertising campaign received a mixed response from the audience. They have no initial hypotheses and are open to understanding...
-
Higgins Company, a full cost company located in Texas, sold 3,000 (gross) Mcf of gas with a heat content of 1.035 MMBtu/Mcf. The selling price of the gas was $9.00/MMBtu. REQUIRED: a. Determine the...
-
A lease operated by Rocky Oil Company produces a total of 3,000 barrels of oil in June. The oil is sold in October. The posted field price and the actual selling price is $100/bbl. The severance tax...
-
Michael Oil Company operates Leases X and Y. Michael Oil transfers 60 barrels of oil from Lease X to Lease Y to be used as fuel on Lease Y. The current spot oil price is $110/bbl, and the severance...
-
Launch Oil Company owns a working interest in the Carpenter Lease in Texas. The lease is burdened with a 3/16 royalty interest. During April, a total of 4,000 barrels of oil is sold at $90/bbl to a...
-
Consider how managers choose what metrics they need to include on their dashboard. While we know that what gets measured gets managed, a lot of data can be overwhelming. In your groups, discuss the...
-
You will develop a leadership development plan for your career development as a leader in health services administration or in another related field. Like a business plan, it should express your...
-
Assume today is the 21st of February. Using the information below, FT Extract, answer the following questions (parts i and ii). You work for a US company that is due to receive 250 million in June...
-
What are the main phases of a design review?
-
Classify these Bluetooth layers using the OSI model: a. baseband; b. L2CAP; c. RFCOMM.
-
Use the power state machine of Fig. 8.12 to determine the energy used in these use cases: a. idle 1 s; receive 10 ms; idle 0.1 s; transmit 5 s; b. sleep 1 min; receive 50 ms; idle 0.1 s; receive 100...
Study smarter with the SolutionInn App