ACG 3341 Process Cost Take home quiz

ACG 3341 Process Cost Take home quiz - 2. The cost of goods...

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ACG 3341 Process Cost Take-home Quiz Summer, 2011 You produce cakes in two processes. In process #1, Baking Dept., direct material (batter) is introduced at the start of the process. At the completion of process #1, the output is transferred to the Frosting Dept., process #2 where after cooling frosting is added when the process is 85% complete. The output of the Frosting Dept. is transferred to Finished Goods. Conversion costs in both departments are added uniformly throughout the process. The Baking Dept. uses the weighted- average method, but the Frosting Dept. uses the FIFO method. Prepare journal entries, based on the following information, to show: 1. The cost of goods transferred from Baking to Frosting in year 1.
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Unformatted text preview: 2. The cost of goods transferred from Baking to Frosting in year 2. 3. The cost of goods transferred from Frosting to Finished Goods in year 1. 4. The cost of goods transferred from Frosting to Finished Goods in year 2. Baking Department: WIPb Year 1 Year 2 units 100 ? DM$ $80.00 ? CC$ $8.00 ? % Complete unknown Added units 800 750 DM$ $720.00 $608.00 CC$ $380.00 $299.32 WIPe units 50 30 % Complete 40% 60% Frosting Department: Year 1 Year 2 WIPb units 75 ? T-I$ $25.00 ? DM$ $0.00 ? CC$ $0.50 ? % complete 80% ? Added units ? ? T-I$ ? ? DM$ $20.00 $15.30 CC$ $47.50 $45.66 WIPe units 25 30 % complete 40% 20%...
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ACG 3341 Process Cost Take home quiz - 2. The cost of goods...

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