Complete the production report for the month of May
Managerial Accounting
15th Edition
ISBN:9781337912020
Author:Carl Warren, Ph.d. Cma William B. Tayler
Publisher:Carl Warren, Ph.d. Cma William B. Tayler
Chapter3: Process Cost Systems
Section: Chapter Questions
Problem 1CMA: During December, Krause Chemical Company had the following selected data concerning the manufacture...
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Standard Costing
The standard cost system is the expected cost per unit product manufactured and it helps in estimating the deviations and controlling them as well as fixing the selling price of the product. For example, it helps to plan the cost for the coming year on the various expenses.
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Question
Super Sports Drinks, Inc. has two departments: Mixing and Bottling. Direct materials are added at the beginning of the mixing process and at the end of the bottling process. Conversions costs are added evenly throughout each process. Data for the month of May for the Mixing Department are as follows:
(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Super Sports Drinks, Inc.
Super Sports Drinks, Inc.
Units | Amount |
---|---|
Beginning Work-in-Process Inventory | 0 units |
Started in production | 8,150 units |
Completed and transferred out to Bottling | 4,200 units |
Ending Work-in-Process Inventory 60% through mixing process | 3,950 units |
Costs | Amount |
---|---|
Beginning Work-in-Process Inventory | $0.00 |
Costs added during May: | |
Direct Materials | $8,581 |
Direct Labor | $2,153 |
Manufacturing overhead allocated | $4,470 |
Total costs added during May | $15,204 |
Complete the production report for the month of May.
(Round your answers to two decimal places when needed and use rounded answers for all future calculations).
Super Sports Drinks, Inc.
Equivalent Units | ||||
---|---|---|---|---|
UNITS | Whole Units | Transferred In | Direct Material | Conversion Costs |
Units to account for: | ||||
Beginning work-in-process | ||||
Started in production | ||||
Total units to account for | ||||
Units accounted for: | ||||
Completed and transferred out | n/a | |||
Ending work-in-process | n/a | |||
Total units accounted for | n/a |
Super Sports Drinks, Inc.
COSTS | Transferred In | Direct Materials | Conversion Costs | Total Costs |
---|---|---|---|---|
Costs to account for: | ||||
Beginning work-in-process | ||||
Costs added during period | ||||
Total costs to account for | ||||
Divided by: Total EUP | ||||
Cost per equivalent unit | ||||
Costs accounted for: | ||||
Completed and transferred out | ||||
Ending work-in-process | ||||
Total costs accounted for |
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