Get Guided ACCT 346 Week 3 Homework plus Discussion

Get Guided ACCT 346 Week 3 Homework plus Discussion

ACCT 346 Week 3 Discussion: Process Costing and Equivalent Units

ACCT-346 Week 3 Homework (graded)

1. For each of the following companies, specify whether the company would be more likely to use job costing or process costing.
2. Patty’s Pumpkin Pies collected the following production information relating to November’s baking operations: 
   • Requirements: Complete the first two steps in the process costing procedure:
     1. Summarize the flow of physical units.
     2. Compute output in terms of equivalent units.
3. Paint by Number prepares and packages paint products. The company has two departments: (1) Blending and (2) Packaging……….. Data from the month of May for the Blending Department are as follows:

Requirement 1. Fill in the timeline for the Blending Department.

Requirement 2. Summarize the physical flow of units and compute total equivalent units for direct materials and for conversion costs. (For entries with a 0 balance, make sure to enter “0” in the appropriate column.)

Requirement 3. Summarize total costs to account for and find the cost per equivalent unit for direct materials and for conversion costs. (For entries with a $0 balance, make sure to enter “0” in the appropriate cell(s). Enter the cost per equivalent unit to two decimal places.)

Requirement 4. Assign total costs to units (gallons): (a) Completed and transferred out to the Packaging Department and
(b) In the Blending Department ending work in process inventory. (Enter quantities first, then the cost per equivalent unit amounts in the same order as calculated in the preceding step.)

Requirement 5. What is the average cost per gallon transferred out of the Blending Department to the Packaging Department? Why would the company’s managers want to know this cost?

4. The Assembly Department of ATG Surge Protectors began September with no work in process inventory. During the month, a production that cost $37,243 (direct materials, $10,123, and conversion costs, $27,120) was started on 24,000 units. ATG completed and transferred to the Testing Department a total of 17,000 units. The ending work in process inventory was 30% complete as to direct materials and 80% complete as to conversion work.

Requirements

1. Compute the equivalent units for direct materials and conversion
2. Compute the cost per equivalent
3. Assign the costs to units completed and transferred out and ending work in process
4. Record the journal entry for the costs transferred out of the Assembly Department to the Testing
5. Post all of the transactions in the “Work in Process Inventory—Assembly” T-account. What is the ending balance?

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