Chapter 17 Problenm Cost of Production Report Company processes chocolate into c

Question

Chapter 17 Problenm Cost of Production Report Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending Department. All materials are placed int o production at the beginning of the blending process. After blending, the milk chocolate is then transferred to the Molding Department, where the milk chocolate is formed into candy bars. The following is a partial work in process account of the Blending Department at October 31: ACCOUNT Work in Process- Blending Department ACCOUNT NO. Balance Date Item Debit Credit Debit Credit Oct. 1 Bal., 2,300 units, 3/5 completed 31 Direct materials, 26,000 units 31 Direct labor 31 Factory overhead 31 Goods transferred, 25,700 units 31 Bal., 2 units, 1/5 completed 46,368 475,368 575,928 624,408 100,560 48,480 Required 1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Blending Department. If an amount is zero enter "0". If required, round your cost per equivalent unit answers to the nearest cent Bavarian Chocolate Company Cost of Production Report-Blending Department For the Month Ended October 31 Check My Work Emal Instructor Save and Exit Submit Assignment for Grading

Explanation / Answer

Cost of Production Report-Blending Department For the Month Ended October 31 Unit Information Units charged to production: Inventory in process, October 1 2300 Received from materials storeroom 26000 Total units accounted for by the Blending Department 28300 Units to be assigned costs: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, October 1 2300 0 920 Started and completed in October 23400 23400 23400 Transferred to Packing Department in October 25700 23400 24320 Inventory in process, October 31 2600 2600 520 Total units to be assigned costs 28300 26000 24840 Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for October in Blending Department 429000 149040 Total equivalent units 26000 24840 Cost per equivalent unit 16.5 6 Costs charged to production: Direct Materials Conversion Total Inventory in process, October 1 46368 Costs incurred in October 578040 Total costs accounted for by the Blending Department 624408 Cost allocated to completed and partially completed units: Inventory in process, October 1 balance 46368 To complete inventory in process, October 1 0 5520 5520 Cost of completed October 1 work in process 51888 Started and completed in October 386100 140400 526500 Transferred to Packing Department in October 578388 Inventory in process, October 31 42900 3120 46020 Total costs assigned by the Blending Department 624408 2 Increase or Decrease Amount Change in direct materials cost per equivalent unit Decrease 0.15 Change in conversion cost per equivalent unit Increase 0.15

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