Question

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Exercise 4-11 Comprehensive Exercise; Second Production Department-weighted Average Method [LO4-2, LO4-3, L04-4, LO4-5) Scribners Corporation produces fine papers in three production departments-Pulping, Drying, and Finishing. In the Pulping Department, raw materials such as wood fiber and rag cotton are mechanically and chemically treated to separate their fibers. The result is a thick slurry of fibers. In the Drying Department, the wet fibers transferred from the Pulping Department are laid down on porous webs, pressed to remove excess liquid, and dried in ovens. In the Finishing Department, the dried paper is coated, cut, and spooled onto reels. The company uses the weighted average method in its process costing system. Data for March for the Drying Department follow: Percent Completed Units Pulping Conversion 3,300 100% 80% 7,500 100% 80% $ 1,155 Work in process inventory, March 1 Work in process inventory, March 31 Pulping cost in work in process inventory, March 1 Conversion cost in work in process inventory, March 1 Units transferred to the next production department Pulping cost added during March Conversion cost added during March $ 561 157,800 $ 60,006 $ 33,837 No materials are added in the Drying Department. Pulping cost represents the costs of the wet fibers transferred in from the Pulping Department. Wet fiber is processed in the Drying Department in batches; each unit in the above table is a batch and one batch of wet fibers produces a set amount of dried paper that is passed on to the Finishing Department. Required: 1. Compute the Drying Department's equivalent units of production for pulping and conversion in March. 2. Compute the Drying Department's cost per equivalent unit for pulping and conversion in March. 3. Compute the Drying Department's cost of ending work in process inventory for pulping, conversion, and in total for March. 4. Compute the Drying Department's cost of units transferred out to the Finishing Department for pulping, conversion, and in total in March. 5. Prepare a cost reconciliation report for the Drying Department for March. Complete this question by entering your answers in the tabs below. Required Required Required Required Required Compute the Drying Department's equivalent units of production for pulping and conversion in March. Pulping Conversion Equivalent units of production < Required 1 Required 2 >

Answer 1

Solution: 1.Equivalent units of production - weighted average Units completed and transferred to next department Units of ending goods in process Equivalent units of production Units % Pulping lb 157,800 100% 7.500 100% 165,300 EUP- Pulping % conversion EUP- conversion a c 157,800 100% 157,800 7.500 80% 6.000 165,300 163,800 2.Cost per equivalent unit of production Cost of beginning goods in process Costs incurred this period Total costs • Equivalent units of production Cost per equivalent unit of production (rounded to 2 decimals) Pulping 1155 60006 61161 Costs 165,300 EUP 0.37 conversion 561 33.837 34398 163,800 0.21 Costs EUP Cost 3a.Costs of ending goods in process Pulping conversion Total cost of ending goods in process EUP Cost per EUP Total cost 7,500 0.37 2,775 6,000 0.21 1,260 4,035 3b.Cost of units transferred out: EUP Cost per EUP Total cost Pulping conversion Total costs transferred out 157,800 0.37 5 8,386 157,8000.2133,138 91,524 5) cost reconciliation cost to be accounted for : Costs in beginning work in process (1155+561) Costs added during the period (4035+91524) total cost to be accounted for Costs accounted for: Goods transferred out Ending work in process total Costs accounted for: 1,716 93,843 95559 91,524 4,035 95,559|