Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. schroeder baking corporation uses a process costin

Schroeder Baking Corporation uses a process costing system in its large-scale baking operations. The Mixing Department...

Free

60.1K

Verified Solution

Question

Accounting

Schroeder Baking Corporation uses a process costing system inits large-scale baking operations. The Mixing Department is one ofthe company’s processing departments. In the Mixing Department inJuly, the cost of beginning work in process inventory was $4,280,the cost of ending work in process inventory was $3,870, and thecost added to production was $46,360.

Required:

Prepare a cost reconciliation report for the Mixing Departmentfor July.

Mixing Department
Cost Reconciliation
Costs to be accounted for:
Total cost to be accounted for$0
Costs accounted for as follows:
Total cost accountedfor$0

Superior Micro Products uses the FIFO method in its processcosting system. Data for the Assembly Department for May appearbelow:

MaterialsLaborOverhead
Cost added during May$64,625$34,435$90,695
Equivalent units of production12,5009,7009,700

Required:

Compute the cost per equivalent unit for materials, labor,overhead, and in total. (Round your answers to 2 decimalplaces.)

MaterialsLaborOverheadTotal
Cost per equivalentunit

Answer & Explanation Solved by verified expert
4.1 Ratings (685 Votes)

Answer 1 Mixing Department
Cost Reconciliation
Costs to be accounted for:
Beginning work in process $          4,280
Cost added $        46,360
Total cost to be accounted for $        50,640
Costs accounted for as follows:
Cost of product transferred $        46,770
Ending Work in process $          3,870
Total cost accounted for $        50,640
Answer 2 Materials Labor Overhead Total
Cost per equivalent Units $       5.17 $       3.55 $       9.35 $    18.07
Calculation of cost per equivalent unit
Materials Labor Overhead Total
a Cost added during May 64,625 34,435 90,695
b Equivalent units of production 12,500 9,700 9,700
c= a/b Cost per equivalent Units $       5.17 $       3.55 $       9.35 $    18.07

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

Other questions asked by students

Geometry
1.2K views

ZJ and LM are base angles of isosceles trapezoid JKLM If m2J 18x 8 and...

Operations Management
1.2K views

Fynn enters into a contract to sell Toby his 1999 Commodore for $3,000. During negotiations leading...

General Management
1.2K views

Email is becoming one of the most common forms of communication in the workplace. Although email...

Physics
1.2K views

purce S receiver R and air are moving relative to the ground as shown in...

Physics
1.2K views

8 Problem 7 While punga KIL folates his leg 4000 the mp jou he moment...

Basic Math
1.2K views

6 Let S be a set Which of one of the following is always correct...

Basic Math
1.2K views

Solve the equation on the interval [0,2?).cos (2?) =?3/2What are the solutions to cos (2?)...

Basic Math
1.2K views

Al Gorithm is going on vacation. He is in his room trying to decide what...

Accounting
1.2K views

Blue part only, just need guidance Add...

Accounting
1.2K views

1 - Generally, for an activity to be as a trade or business, which of...

Accounting
1.2K views

2. Calculate the costs if turnover were reduced to 7%. Number Job Number Openings Hiring...

Accounting
1.2K views

Morton Company's contribution format income statement for last month is given below: $ Sales (42,000...