Accounting Assignment | College Homework Help
March 17th, 2020
Woodson Dairy produces an organic butter that is sold by the pound. The production of the butter begins in the Churning Department.
Data for the Churning Department for January follows: (Click the icon to view the data from January.) Read the requirements Requirement 1. Prepare a production cost report for January for the Churning Department. Prepare a production cost report for the Churning Department, one section at a time. (For entries with a $0 balance, make sure to enter “0” in the appropriate cell(s). Round cost per equivalent unit amounts to the nearest cent, $X.XX.) Woodson Dairy Churning Department Month Ended January 31 Production Cost Report Flow of Physical Flow of Production Units Units to account for:
Data for the Churning Department for January follows: (Click the icon to view the data from January.) Read the requirements Requirement 1. Prepare a production cost report for January for the Churning Department. Prepare a production cost report for the Churning Department, one section at a time. (For entries with a $0 balance, make sure to enter “0” in the appropriate cell(s). Round cost per equivalent unit amounts to the nearest cent, $X.XX.) Woodson Dairy Churning Department Month Ended January 31 Production Cost Report Flow of Physical Flow of Production Units Units to account for:(1) Equivalent Units Direct Conversion Materials Costs (2) Total physical units to account for Units accounted for:
(3) (4) Total physical units accounted for Total equivalent units Direct Materials Conversion Costs Total Costs to Account for and Cost per Equivalent Unit (5) Total costs to account for Cost per equivalent unit Direct Materials Conversion Costs Assignment of total costs: Total Completed and transferred out: (8) (9) Costs assigned to units completed and transferred out Total costs accounted for Requirement 2. How much did it cost to make one pound of butter in the Churning Department? (Round all amounts to the nearest cent, $X.XX.) Direct material cost Conversion cost Total cost Requirement 3. How much did it cost to make a partially completed pound of butter in the Churning Department? Does this make sense?
Why or why not? How much did it cost to make a partially completed pound of butter in the Churning Department? (Round all amounts to the nearest cent, $X.XX.) Direct material cost Conversion cost Total cost Does this make sense? Why or why not? (12) because % of the (13) have not yet been added. 7: Data Table Units in beginning Work in Process (WIP) inventory 100,000 units 1,500,000 units Units started during the month (all direct materials, including cream and salt, are added at the beginning of the churning process) Units in ending Work in Process (WIP) inventory (40% of the way through the process) 200,000 units Cost information is as follows: WIP – Churning Department balance as of January 1:
Direct material cost included in beginning WIP balance Conversion cost included in beginning WIP balance 110,000 24,000 134,000 Beginning balance, WIP, January 1 Manufacturing costs incurred during January: Direct materials used $ 1,730,000 10,000 Direct labor Manufacturing overhead 558,000 $ 2,298,000 Total manufacturing costs entered into production during January 8: Requirements 1. Prepare a production cost report for January for the Churning Department. 2. How much did it cost to make one pound of butter in the Churning Department? 3. How much did it cost to make a partially completed pound of butter in the Churning Department? Does this make sense? Why or why not? Get Accounting Homework Help today
