FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
Bartleby Related Questions Icon

Related questions

bartleby

Concept explainers

Topic Video
Question
100%
Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit
drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are
then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending
Department for June.
Percent Completed
Units
68,000
Materials
70%
Conversion
40%
341,500
Work in process, beginning
Started into production
Completed and transferred out
Work in process, ending
331,500
78,000
75%
25%
Work in process, beginning
Materials.
$ 25,000
Conversion
$ 8,700
$ 184,350
Cost added during June
$ 267,500
Required:
1. Calculate the Blending Department's equivalent units of production for materials and conversion in June.
2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June.
3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June.
4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total
for June.
5. Prepare a cost reconciliation report for the Blending Department for June.
expand button
Transcribed Image Text:Sunspot Beverages, Limited, of Fiji uses the weighted-average method in its process costing system. It makes blended tropical fruit drinks in two stages. Fruit juices are extracted from fresh fruits and then blended in the Blending Department. The blended juices are then bottled and packed for shipping in the Bottling Department. The following information pertains to the operations of the Blending Department for June. Percent Completed Units 68,000 Materials 70% Conversion 40% 341,500 Work in process, beginning Started into production Completed and transferred out Work in process, ending 331,500 78,000 75% 25% Work in process, beginning Materials. $ 25,000 Conversion $ 8,700 $ 184,350 Cost added during June $ 267,500 Required: 1. Calculate the Blending Department's equivalent units of production for materials and conversion in June. 2. Calculate the Blending Department's cost per equivalent unit for materials and conversion in June. 3. Calculate the Blending Department's cost of ending work in process inventory for materials, conversion, and in total for June. 4. Calculate the Blending Department's cost of units transferred out to the Bottling Department for materials, conversion, and in total for June. 5. Prepare a cost reconciliation report for the Blending Department for June.
Expert Solution
Check Mark
Knowledge Booster
Background pattern image
Accounting
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
Similar questions
Recommended textbooks for you
Text book image
FINANCIAL ACCOUNTING
Accounting
ISBN:9781259964947
Author:Libby
Publisher:MCG
Text book image
Accounting
Accounting
ISBN:9781337272094
Author:WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:Cengage Learning,
Text book image
Accounting Information Systems
Accounting
ISBN:9781337619202
Author:Hall, James A.
Publisher:Cengage Learning,
Text book image
Horngren's Cost Accounting: A Managerial Emphasis...
Accounting
ISBN:9780134475585
Author:Srikant M. Datar, Madhav V. Rajan
Publisher:PEARSON
Text book image
Intermediate Accounting
Accounting
ISBN:9781259722660
Author:J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:McGraw-Hill Education
Text book image
Financial and Managerial Accounting
Accounting
ISBN:9781259726705
Author:John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:McGraw-Hill Education