Revised Problem 4-29Moravia Company processes and packages creamcheese.The following data have been compiled...Revised Problem...

50.1K

Verified Solution

Question

Accounting

Revised Problem 4-29
Moravia Company processes and packages creamcheese.
The following data have been compiled for the monthof June. Conversion activity
occurs uniformly throughout the productionprocess.
Work in process, June 1 - 60,000 units:
Direct material: 100% complete cost of 110,000
Conversion: 30% complete, cost of 43,000
Balance in work in process, June 1 153,000
Units started during June 180,000
Units completed during June and transferred out tofinished-goods inventory 210,000
Work in process, June 30:
Direct material: 100% complete
Conversion: 80% complete
Costs incurred during June:
Direct material 420,000
Conversion costs:
Direct labor 93,250
Applied manufacturing overhead 283,400
Total conversion costs 376,650
Required: Prepare schedules to accomplish each ofthe following process-costing steps for the month
of June. Use the weighted-average method of processcosting.
1. Analysis of physical flow of units.
2. Calculation of equivalent units.
3. Computation of units costs.
4. Analysis of total costs.
5. Construct an Excel spreadsheet and show all ofthe preceding requirements
Show how the solution wouldchange if the following data change: June 1 work-in-process
costs were $84,000 for directmaterial and $26,000 for conversion.

Answer & Explanation Solved by verified expert

4.3 Ratings (587 Votes)

All requirements forms part of the answer Requirement 1 Units Reconciliation Units to account for Beginning WIP 60000 Units started this period 180000 Total Units to account for 24000000 Total Units accounted for Completed Transferred out 210000 Ending WIP 30000 Total Units accounted for 24000000 Requirement 2 EUP Weighted Average Method Units Material EUP Materials Conversion EUP Conversion Units TRANSFERRED 210000 100 210000 100 210000 Units of See Answer

Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:

Unlimited Question Access with detailed Answers
Zin AI - 3 Million Words
10 Dall-E 3 Images
20 Plot Generations
Conversation with Dialogue Memory
No Ads, Ever!
Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!

Become a Member

Transcribed Image Text

In: AccountingRevised Problem 4-29Moravia Company processes and packages creamcheese.The following data have been compiled...Revised Problem 4-29Moravia Company processes and packages creamcheese.The following data have been compiled for the monthof June. Conversion activityoccurs uniformly throughout the productionprocess.Work in process, June 1 - 60,000 units:Direct material: 100% complete cost of110,000Conversion: 30% complete, cost of43,000Balance in work in process, June 1153,000Units started during June180,000Units completed during June and transferred out tofinished-goods inventory210,000Work in process, June 30:Direct material: 100% completeConversion: 80% completeCosts incurred during June:Direct material420,000Conversion costs:Direct labor93,250Applied manufacturing overhead283,400Total conversion costs376,650Required: Prepare schedules to accomplish each ofthe following process-costing steps for the monthof June. Use the weighted-average method of processcosting.1. Analysis of physical flow of units.2. Calculation of equivalent units.3. Computation of units costs.4. Analysis of total costs.5. Construct an Excel spreadsheet and show all ofthe preceding requirements Show how the solution wouldchange if the following data change: June 1 work-in-process costs were $84,000 for directmaterial and $26,000 for conversion.


	Revised Problem 4-29

	Moravia Company processes and packages creamcheese.
	The following data have been compiled for the monthof June. Conversion activity
	occurs uniformly throughout the productionprocess.

	Work in process, June 1 - 60,000 units:
	Direct material: 100% complete cost of				110,000
	Conversion: 30% complete, cost of				43,000
	Balance in work in process, June 1				153,000
	Units started during June				180,000
	Units completed during June and transferred out tofinished-goods inventory				210,000
	Work in process, June 30:
	Direct material: 100% complete
	Conversion: 80% complete
	Costs incurred during June:
	Direct material				420,000
	Conversion costs:
	Direct labor				93,250
	Applied manufacturing overhead				283,400
	Total conversion costs				376,650

	Required: Prepare schedules to accomplish each ofthe following process-costing steps for the month
	of June. Use the weighted-average method of processcosting.
	1. Analysis of physical flow of units.
	2. Calculation of equivalent units.
	3. Computation of units costs.
	4. Analysis of total costs.
	5. Construct an Excel spreadsheet and show all ofthe preceding requirements
	Show how the solution wouldchange if the following data change: June 1 work-in-process
	costs were $84,000 for directmaterial and $26,000 for conversion.