In: Accounting
PLEASE UPLOAD EXCEL FILE OR A SCREENSHOT SHOWING FORMULAS
Must be submitted in excel with any math done with formulas within cells.
The Jackpots Dreams Cards Company is a card manufacturer. All direct materials and conversion costs are applied to all of Proball Trading Cards’ products at an even rate throughout the manufacturing process. For August, the beginning work in process inventory for the Finishing Department was 9,600 units that averaged 65 percent complete. Ending work in process inventory was 18,500 units averaging 45 percent complete. Production data shows 188,400 units were started during the period. Beginning work in process inventory costs totaled $11,282 including $7,296 for conversion costs. For the month of August, additional costs totaling $75,264 for direct materials and $111,034 for conversion costs were added in the production department during the period.
1) Prepare in good form a process report.
2) Prepare the journal entry to move costs to finished goods.
3) Prepare any journal entry, if required, for costs remaining in WIP.
Process cost Summary Report - Weighted Average Method -Jackpots Dreams | |||||
Unit Reconciliation: | |||||
Units To Account For: | |||||
Beginning Work In Process Inventory | 9600 | ||||
Units Started this Period | 188400 | ||||
Total Units To Account For | 198000 | ||||
Total Units Accounted For: | |||||
Units Completed And Transferred | 179500 | ||||
Ending Work In Process | 18500 | ||||
Total Units To Account For | 198000 | ||||
Equivalent Units Of Production (Eup)- Weighted Average Method | |||||
Units | % Materials | EUP- Materials | % Conversion | EUP-Conversion | |
Units Completed And Transferred | 179500 | 100 | 179500 | 100 | 179500 |
Ending Work In Process | 18500 | 100 | 18500 | 45 | 8325 |
Total Units | 198000 | 198000 | 187825 | ||
Cost Per Equivalent Unit Of Production | Materials | Conversion | |||
Costs Of Beginning Work In Process | $3,986.00 | $7,296.00 | |||
Costs Incurred This Period | $75,264.00 | $111,034.00 | |||
Total Costs | Costs | $79,250.00 | Costs | $118,330.00 | |
÷ Equivalent Units Of Production | EUP | 198000 | EUP | 187825 | |
Cost Per Equivalent Unit Of Production (Rounded To 2 Decimals) | $0.40 | $0.63 | |||
Total Costs Accounted For: | |||||
Cost Of Units Transferred Out: | EUP | Cost per EUP | Total cost | ||
Direct Materials | 179500 | $0.40 | $71,845.33 | ||
Conversion | 179500 | $0.63 | $113,085.24 | ||
Total Costs Transferred Out | $184,930.57 | ||||
Costs Of Ending Work In Process | EUP | Cost per EUP | Total cost | ||
Direct Materials | 18500 | $0.40 | $7,404.67 | ||
Conversion | 8325 | $0.63 | $5,244.76 | ||
Total Cost Of Ending Work In Process | $12,649.43 | ||||
Total Costs Accounted For | $197,580.00 |
Part-2 Journal Entry | ||
Accoutn Tittle | Debit | Credit |
Finished Goods | $184,930.57 | |
WIP- Finishing Department | $184,930.57 | |
Part-3 No Entry required |