Maurice Tutor

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    Argosy University/ Phoniex University/
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    Oct-2001 - Nov-2016

Category > Accounting Posted 11 Aug 2017 My Price 14.00

Dressing Company.

Fresh Seasons is a contract manufacturer for Delectable

Dressing Company. Fresh Seasons uses a weighted average process costing system to

account for its salad dressing production. All ingredients are added at the start of the

process. Delectable provides reusable vats to Fresh Seasons for the completed product

to be shipped to Delectable for bottling, so Fresh Seasons incurs no packaging costs.

Production and cost information for Fresh Seasons during April 2013 follow.

Gallons of dressing in beginning WIP Inventory 36,000

Gallons completed during April 242,000

Gallons of dressing in ending WIP Inventory 23,500

Costs of beginning WIP Inventory

Direct material $183,510

Direct labor 98,526

Overhead 78,273

Costs incurred in April

Direct material $1,136,025

Direct labor 451,450

Overhead 723,195

April beginning and ending WIP inventories had the following percentages of completion

for labor and overhead:

April 1 April 30

Direct labor 55% 15%

Overhead 70% 10%

a. How many gallons of dressing ingredients were started in April?

b. What is the total cost of the goods transferred out during April?

c. What is the cost of April's ending WIP Inventory?

a.   229,500 started in April    
      total actual units    
      total physical units    
      started and completed  
           
b. & c.   2,670,979 total costs to account for  
           
    Physical Units DM DL OH
  Beginning WIP Inventory        
  Units started        
  Units to account for -      
  Beginning WIP Inventory (completed)        
  Started and completed        
  Units completed -      
  Ending WIP Inventory        
  Units accounted for - - - -
           
  Cost Data Total DM DL OH
  Beginning WIP Inventory        
  Current        
  Total cost to account for $ - $ - $ - $ -
  Divided by EUP        
  Cost per EUP        
           
           
  Cost Assignment        
  Transferred out (242000*10.49)        
  Ending WIP Inventory        
  DM (23500*4.97)        
  DL (3525*2.24)        
  OH (2350*3.28)   -    
  Total cost accounted for   $ -

 

Answers

Maurice Tutor
(5)
Status NEW Posted 11 Aug 2017 07:08 PM My Price 14.00

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