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duc beg of N e assic e Pack direct Data table Gallons Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Work-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May: Direct materials Direct labor Manufacturing overhead allocated Print C D P Done X P1 OF 0 gallons 9,500 gallons 6,000 gallons 3,500 gallons 0 5,700 2,085 2,004 $ O - X M V D. KC ar
Data table Beginning Work-in-Process Inventory Started in production Completed and transferred out to Packaging in May Ending Work-in-Process Inventory (30% of the way through the blending process) Costs Beginning Work-in-Process Inventory Costs added during May: Direct materials Direct labor Manufacturing overhead allocated Total costs added during May Print Done 69 0 gallons 9,500 gallons 6,000 gallons 3,500 gallons 0 5,700 2,085 2,004 9,789 $ $ <->
st es and packages p materials are adde ans). Data from the ata from May.) urnal entries to reco and transferred out t ecord the assignmer ng steps. Accounts Reference COSTS Costs to account for Step-by-Step Painting Production Cost Report - Blending Department (Partial) Month Ended May 31 Conversion Costs Beginning work-in-process Costs added during the period Total costs to account for Divided by: Total EUP Cost per equivalent unit S Direct Materials OS 5,700 5,700 9,500 0.60 $ OS 4,089 4,089 7,050 0.58 Total Costs 0 9,789 9,789
0 t er Reference COSTS Costs to account for: Beginning work-in-process Costs added during the period Completed and transferred out Ending work-in-process Total costs accounted for Total costs to account for Divided by: Total EUP Cost per equivalent unit Costs accounted for: Print S $ 10 Materials 0 $ 5,700 5,700 9,500 0.60 $ 3,600 $ 2,100 5,700 S Done Costs 05 4,089 4,089 7,050 0.58 3,480 $ 609 4,089 $ Costs 9,789 9,789 7,080 2,709 9,789 - X
- X Requirements 1. Prepare the journal entries to record the assignment of direct materials and direct labor and the allocation of manufacturing overhead to the Blending Department. Also, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. Assume labor costs are accrued and not yet paid. 2. Post the journal entries to the Work-in-Process Inventory-Blending T-account. What is the ending balance? 3. What is the average cost per gallon transferred out of the Blending Department into the Packaging Department? Why would the company managers want to know this cost? Print Done
Step-by-Step Painting prepares and packages paint products. Step-by-Step Painting has two departments Blending and Packaging Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans). Data from the month of May for the Blending Department are as follows (Click the icon to view the data from May.) Prepare the journal entry for the allocation of manufacturing overhead to the Blending Department Date Accounts Debit Credit May 31 Next, prepare the journal entry to record the costs of the gallons completed and transferred out to the Packaging Department. GELETY Step-by-Step Painting compl the month of May (Click the icon to view the a Conversion costs are added ev method Read the requirements.
Step-by-Step Painting propares and packages paint products. Step-by-Step Painting has two departments Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans) Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May) CITT Requirement 2. Post the journal entries to the Work-in-Process Inventory-Blending T-account What is the ending balance? Post the entries using the appropriate descriptions as posting references Denote the ending balance as "Bal" Work-in-Process Inventory-Blending Beg Bal Step-by-Step Painting completed the following product the month of May (Click the icon to view the assignment of costs) Conversion costs are added evenly throughout each proc method. Read the requirements
Step-by-Step Painting prepares and packages paint products Step-by-Step Painting has two departments Blending and Packaging Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans) Data from the month of May for the Blending Department are as follows: (Click the icon to view the data from May) Step-by-Step Painting completed the following production cost report for its Blendi the month of May (Click the icon to view the assignment of costs) Conversion costs are added evenly throughout each process. The company uses the method Read the requirements Requirement 3. What is the average cost per gallon transferred out of the Blending Department into the Packaging Department? Why would the company managers want to know this cost? Determine the formula, then enter the amounts to calculate the average cost per gallon transferred out of the Blending Department (Round your answer to the nearest cant) Average cost per gallon Why would the company managers want to know this cost? OA. Managers use the cost per gallon for external financial reporting-specifically to calculate the ending inventory balances on the Balance Sheet
Why would the company managers want to know cost? OA. Managers use the cast per gallon for extemal financial reporting-specifically to calculate the ending inventory balances on the lance Sheet OB Managers use the cost per galon for extemal financial reporting-specdicaty to calculate the Cost of Goods Sald on the income Statement blending process remain under control budgeted costs CC Managers would compare the average cost per gaboo against their budgeted costs to determine whether the costs of cost per gaten, then the managers have done a good job controlling costs in contrast if the budgeted costs are lower than the actual average cast per galon, managers will investigate the reason for th higher than expected costs in an effort to regain control over cost higher than the actual average DD. Al of the above are reasons why management would be interested in this cost per unit for gallons completed and transfered out to Finished G