case2cvpcasesp09(3) - ACC221 Cost Accounting Process...

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ACC221 Cost Accounting Process Costing and Cost Volume Profit Case Due: March 19, 2009 Instructions: You are to complete this assignment in self-selected groups of 3 to 5 people. You are to turn in only one paper per group. Multiple papers turned in for the same group may result in point deductions. No handwritten work will be accepted. Be sure to show detailed calculations. Part I Maxwell Corporation makes a special kind of bread that is sold in grocery stores. Maxwell Corporation uses the weighted-average method in process costing. The bread is made in two departments: the mixing department and the baking department. Raw materials are added at various points in the mixing department. The following information is available related to the mixing department for July: July 1 inventory: 35,000 pounds, 90% complete materials, 80% complete conversion, $55,000, raw materials, $9,000 direct labor and $13,000 overhead for a total cost of $77,000. July costs added to the mixing department: Raw materials (810,000 pounds) $1,037,300, Direct labor $157,370, Overhead $325,000. July 31, inventory contains 70,000 pounds and is 75% complete for materials and 55% complete for conversion costs. Costs incurred during July in the Baking department were: Materials used: $240,000 Direct Labor: $38,000 Overhead: $77,000 Beginning inventories for Maxwell were: Raw Materials: $1,300,000
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case2cvpcasesp09(3) - ACC221 Cost Accounting Process...

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