Process costing 1. Lee Paper Co. produces the paper used by wallpaper manufacturers. Lee's four-stage process includes mixing, cooking, rolling, and cutting. On March 1, the Mixing Department had 350 rolls of paper in process. During March, the Mixing Department completed the mixing process for those 350 rolls and started and completed the mixing process for an additional 3,650 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. 1) Prepare a production cost report for the Mixing Department for March. The company uses the weighted-average method.
2) Journalize all transactions affecting thecompany's mixing process during March. Assume labor costs are accrued and not yet paid. 2.1. Begin with a summary journal entry to record the assignment of directmaterials, directlabor, and the allocation of manufacturing overhead to the Mixing Department (Hint: look at 'costs added during the period'). 2.2. Prepare the journal entry to record the cost of the units completed and transferred out of the Mixing Department (Hint: look at 'completed and transferred out' ).
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2. T Company has provided the following data for the month of July: Required: a) Determine total manufacturing costs, cost of goods manufactured and cost of goods sold for July. 3. allocate Manufacturing overhead under ABC method
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