Question

Process Cost Accounting Oregon Wood Products, Inc, makes sheets of plywood in a three-step process that involves the following departments 1) Forming. 2) Sizing, and 3) Finishing. In all three departments materials costs are added at the beginning of the process and conversion costs are added evenly throughout the process. The following information applies to the Forming Department at the beginning of May Number of sheets of plywood carried over as incomplete from the prior month: Percent of completion of beginning WIP inventory with respect to conversion costs: The cost of direct materials costs in beginning Work in Process The cost of conversion beginning Work in Process S7 325 The following information relates to the transactions that occurred in the Forming Department during May: Additional direct materials costs incurred in May $157,140 Additional direct labor costs incurred in May - $77,194 Additional factory overhead costs applied in May - $18,042 The following information applies to the Forming Department at the end of May. Sheets of plywood completed and transferred out during May Number of sheets of plywood in progress on May 31st: Percent of completion of ending WIP inventory with respect to conversion costs: Required: 1. Complete the attached Process Cost Summary 2. Prepare and post the following journal entries (including explanations): May 31 Record the costs transferred into the Forming Department during May May 31 Record the costs transferred out of the Forming Department during May. General Journal Date Description Debit 33,200 800 75% 5/1 Work in Process - Forming 16,465

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Answer 1

Oregon wood products inc makes sheets of plywood
Questions- Oregon wood products, inc. Hakes sheets of plywood. in a three- step process that involves the following? departements. Answers - 0 Porocess Cost Summary STEP:-1 costs chooiged to Poroduction Cost of Beginning WIP DM COSTS 9140 7325 16465 CONV. COSTS costs incuoriand during May 15740 |DM. COSTS. CONV. COSTS. 95 236 252376 total Costs to account for 268841 STEP!-2 units information. Units accounts food units to account for Transferred aut 33,200 Begin Wil units 1600 Ending wip 1800 units started in may 32400 Total units Total units account to account for ed for 3 4 000

DM CONV Equi unit complete bezin Direct Materials units 640 Conversion units Eq Units started and Completed 31600 Eq. Units in ending wil 31600 Dialect materials unit's 800 Conversion Onits GOO Equivalent units of 32400 32840 Production Cost per equlvalent unit - of production Costs incu91919d during 15740 96236 - may Equivalent Units oé Production 32400/328uo Cost Per equivalent unit 4.86 2.9 STEP:-36 Cost assignment and Secondlantion: cost of Units transfe- orted out cost of units Begin WIP 16465 costs added to complete DM costs DM Costs 153266

Conv. costs 91640 Total cost of units finished 263221 4 transferred out Cost of Ending will |DM Costs 3886 Conv. casts 1740 Total cost of endling WIP 5620 Total costs accounted 26884 Toto for 2) Journal Entories: Date Credit $ 21 - May Accounts Title Debit & WIP-forming Dept (258376 Material 157140 payroll 77194 overhead 18042 input applied to work in PJOCESS-Forming" Depa 31- may WIP Sizing DepH (263221 Wip- Fooming Deptt 263221 Csemi-finished goods transferred to Sizing DepH

31 May WIR - String Deptt. 262221 Wip- Forming Deptt. DEBIT AMOUNTS - Нcry 16465 Mat 157140 Payroll 77194 CREDIT AMOUTS WIP-Sizing Dept 263221 31-May 5620 over head 18042 Total 268841 Total 2688 41 5620 Material percentage o conversion percentage 25% 263221/ 33200 7.93.