1 answer

Check my work Scribners Corporation produces fine papers in three production departments -Pulping, Drying, and Finishing....

Question:

Check my work Scribners Corporation produces fine papers in three production departments -Pulping, Drying, and Finishing. In

March. 5. Prepare a cost reconciliation report for the Drying Department for March.

Check my work Scribners Corporation produces fine papers in three production departments -Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted average method in its process costing system. Data for March for the Drying Department follow: ook Units 5,000 8,000 Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March Percent Completed Pulping Conversion 100% 20% 100% 25% $ 4,800 $ 500 157,000 $102,450 $ 31,300 rences No materials are added in the Drying Department Puiping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March Prey 8 of 8
March. 5. Prepare a cost reconciliation report for the Drying Department for March.

Answers

1) Equivalent unit :

Whole unit % EUP-Pulping % EUP-conversion
Units transferred out 157000 100% 157000 100% 157000
Ending work in process 8000 100% 8000 25% 2000
Total 165000 165000 159000

2) Calculate cost per equivalent unit:

Pulping Conversion
Beginning work in process 4800 500
Cost added 102450 31300
Total cost 107250 31800
Equivalent unit 165000 159000

Cost per equivalent unit

0.65 0.2

3) Calculate cost of ending work in process

Pulping Conversion Total
Cost of ending work in process 8000*.65 = 5200 2000*.20=400 5600

4_) Calculate cost of units transferred out

Pulping Conversion Total
Cost of units transferrred out 157000*.65 = 102050 15700*.2 = 31400 133450

5) Cost reconciliation :

Cost to be accounted for

Beginning work in process(4800+500)

5300
Cost added(102,450+31300) 133750
Total cost to be accounted for 139050
Cost accounted for as follows
Cost of units transferrred out 133450
Cost of ending work in process 5600
Total cost accounted for 139050

IF ANY DOUBTS PLEASE MENTION IN COMMENT

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