verus Checolate Company processes chocelate into candy bars. The process begins

Question

verus Checolate Company processes chocelate into candy bars. The process begins by placing direct materials (raw chocolane, milk, and sugar) into the Blending Department All materials are placed into prodution at the beginning of the blending proce s after ble ding the nik chocolate is then t de ed to the MoldmO Department, where the e a docolate is formed into candy bars. The fofo dng partial ork in process account on·asenang Oepart ent at Hard, 31, 2016: ACCOUNT work in Process-Blending Department ACCOUNT NO. Debit Credit Mar 1Bal, 7,200 units, /S completed material 28,000 units 12,824 47,200 677,524 29,140 Required 1. Prepare a cest of prduction repert, and idently the missing amounts for Work in Process-landing Department. If an amount is zeroo Whee comuting cost per equvalent unts, round to two decimal places dhurged to producton tated and Tranafened bo Check My

Explanation / Answer

UNITS TO ACCOUNT FOR: Beginning Work in Process units 7,200 Add: Units Started in Process 288,000 Total Units to account for: 295,200 Equivalent Units: Whole units Material Cost Conversion % Completion Units % Completion Units Units completed from Beg. WIP 7200 0% 0 80% 5,760 Units started and completed 281800 100% 281,800 100% 281,800 Transferred to Molding deptt 289000 281,800 287,560 Ending Work in Process 6200 100% 6,200 60% 3,720 Total Equivalent units 288,000 291,280 TOTAL COST TO ACCOUNT FOR: COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 547,200 145,640 Equivalent Units 288,000 291,280 Cost per Equivalent unit 1.9 0.5 Cost charged to production: Material Convesion Total Inventory in Beg. 13824 Current cocst of manufacture 692840 Total cost to be accounted for: 706664 Cost allocated to completed and partially completed units: Inventory in Beg. 13824 Cost to complete 0 2880 2880 Cost of completed Beg. WIP 16704 Started and completed 535420 140900 676320 Transfrred to Molding 693024 Inveentory in Mar31 11780 1860 13640 Total cost assigned 706664 Req 2: Mmateriall c cost per unit in last year (12960/7200): 1.8 Conversion cost perr unit last year(13824-12960)/1440: 0.6 Change in material Increase Change in conversion Decrease

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