More Info Data Table The Mxing Department combines the direct materials of parai

Question

More Info Data Table The Mxing Department combines the direct materials of parain wax and pigments. The heated midture is punped to the Molding Department, where it is poured into molds. After the molds cool, the crayons are removed from the molds and are transferred to the Packaging Department, where paper wrappers are added and the crayons are boxed. Work-in-Process Balance, Mar. 1 Direct materials Direct labor 28,000 20,000 30,150 5,250 In the Mxing Department, the direct materials are added at the beginning of the process and the conversion costs are incurred evenly throughout the process. Work in process of the Muxing Department on March 1, 2018, consisted of 500 batches of crayons that were 60% of the way through the production process. The beginning balance in consisted of $11.400 in direct materials costs and $16,600 in conversion costs During March, 4,000 batches were started in production. The Mixing Department transferred 3,400 batches to the Molding Department in March, and 1,100 were stil în process on March 31, This ending inventory was 40% of the way through the mixing process. Jazzberry uses FIFO process costing. was $28.000, which Print Done

Explanation / Answer

Requirement:1 Production Cost Report: Mixing Dept. Month ended Mar.31 Physical Units Equivalent Units Direct Materials Conversion Costs Units to account for: Op. WIP 500 500 300 Started in production 4000 Total units to account for 4500 Units accounted for Units transferred: a.Op.WIP(500*Bal.40%) 500 200 b.Currently started units(3400-500) 2900 2900 2900 1.Total units trfd.to Molding dept.(a+b) 3400 2900 3100 2.Ending WIP 1100 1100 440 Total units accounted for(1+2) 4500 4000 3540 COST RECONCILIATION REPORT Direct materials Conversion Costs Total costs Cost/unit Costs to account for Op.WIP 11400 16600 28000 Costs incurred in Mar. 20000 35400 55400 Total costs to account for 31400 52000 83400 Cost per equivalent unit 7.85 14.6893 22.54 Costs accounted for a.Costs for Op.WIP 2937.85 2937.85 14.6893 b.Costs for Currently started units 22765 42598.87 65363.87 22.54 1.Total costs trfd.to Molding dept.(a+b) 22765 45536.72 68301.72 2.Ending WIP 8635 6463.28 15098.28 Total costs accounted for(1+2) 31400 52000 83400 Requirement:2--Journal Entries a..Assignment of costs to the mixing dept. in Mar. WIP-Mixing dept. 55400 Direct Materials 20000 Direct Labor 30150 MOH 5250 b. Transfer of costs to Molding dept. WIP-Molding dept. 68301.72 WIP-Mixing dept. 68301.72

Related Questions

Navigate

• Browse (All)
• Browse M
• Subjects

---

---

Integrity-first tutoring: explanations and feedback only — we do not complete graded work. Learn more.