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PLEASE UPLOAD EXCEL FILE OR A SCREENSHOT SHOWING FORMULAS Must be submitted in excel with any...

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.

Solutions

Expert Solution

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


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