Requirements Neal Paper Co. produces the paper used by wallpaper manufacturers.

Question

Requirements Neal Paper Co. produces the paper used by wallpaper manufacturers. Neal's four-stage process includes mixing, cooking, rolling, and cutting. The Click the ioon to view additional information.) 1. Prepare a production cost report for the Mixing Department for March using the FIFO method. The Mixing Department beginning work in process of 150 units is 30% complete as to both direct materials and conversion costs. Round | equivalent unit of production costs to four decimal places. Round all other costs to the nearest whole dollar, Read the Requirement 1. Prepare a production cost report for the Mixing Department for March using the FIFO method. The Mixing Round equivalent unit of production costs to four decimal places. Round all other costs to the nearest whole dollar. (Complete all Round all other costs to the nearest whole dollar. Abbreviations used: EUP equivalent units of production; WIP work-in-process.) 2. Journalize all transactions affecting the company's mixing process during March. Assume labor costs are accrued and not yet paid. Neal Paper, Co. Production Cost Report - Mixing Department Month Ended March 31 Data Table Equivalent Units Physical Direct Conversion Materials Direct Direct Manufacturing Total UNITS Units Costs Materials Labor Overhead Allocated Costs Units to account for. Beginning inventory, Mar. 1 S Costs added during March Total costs 150 3,520 3,670 370 3,660 800 12,708 $ 13,508 280 $ 150 4650 4800 Beginning work-in-process Started in production $ 5,808 4,030 $ Total units to account for More Info Units accounted for 150 4150 4300 130 4150 4280 150 4430 130 4150 4280 150 4430 Beginning work-in-process Started and completed On March 1, the Mixing Department had 150 rolls of paper in process. During March, the Mixing Department completed the mixing process for those 150 rolls and also started and completed the mixing process for an additional 4,150 rolls of paper. The department started but did not finish the mixing process for an additional 500 rolls, which were 20% complete with respect to both direct materials and conversion work at the end of March. Direct materials and conversion costs are incurred evenly throughout the mixing process. Transferred to Cooking Ending work-in-process Total unlits accounted for Choose from any list or enter any number in the input fields and then continue to the next question. Print Done

Explanation / Answer

Cost production report Flow Of Units Physical Units Direct Material A Conversion cost Units to be accounted for Beginning work in process inventory 150 Units started 4650 Total u nits to be accounted for    4800 Units accounnted for: Transferred out from units of opening WIP 150 Units started and completed this period 4150 Completed and transferred out (b) 4300 Ending work in progress inventory© 500 Total units to be accounted for (f)      4800 Calculation of equivalent units Units in Beginning WIP n 150 150 % of completion of Beginning WIP in last period    30% 30% (working) % of completion of Beginning WIP completed in current period m 70% 70% (working) Equivalents units of Beginning Wip A (n*m) 105 105 Units started and completed B 4150 4150 4150 Units of Ending WIP   500 500 500 % completion 100% 20% 20% Equivalent units in ending WIP E 500 100 100 Total Equivalent units A+B+E 4355 4355 Cost per equivalent units Direct Material A Conversion cost Total Cost per equivalent units Cost during the period   $5,528 7180 $12,708 Total equivalent units 4355 4355 Cost per equivalent units   d $1.27 $1.65 $2.92 Cost charged to production Beginning Work in Process, 800 Cost incurred during the period $12,708 Total cost accounted 13508 Cost allocated Work in Process, Beginning 280 520 800 To complete Inventory in process Beginning d*A $133 $173 $306 Cost of completed Beginning, Wip $1,106 Started and completed b*d $5,268 $6,842 $12,110 Transferred 0ut $13,216 Work in process Ending c*d $127 $165 $292 Total cost assigned 13508 Ans 2 31-Mar Work In process Inventory Miximg $12,708 Raw Material Inventory $5,528 Wages payable 3660 Manufacturing overhead 3520 31-Mar Work In process Inventory-Cooking $5,268 Work In process Inventory Miximg $5,268 If any doubt please comment

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