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Homework answers / question archive / You Got Yogurt, Inc

You Got Yogurt, Inc

Accounting

You Got Yogurt, Inc. manufactures yogurt that goes through three processing stages prior to completion. Information on work in the first department, flavor identification and blending, is given below for November:

 

Data on Production:

Pounds in process at November 1; materials 100% complete; conversion 70% complete: 3,525

Pounds started into production during November:75,000

Pounds completed and transferred out:?

Pounds in process, November 30; materials 85% complete; conversion 40% complete: 6,100

 

Data on Costs:

Work in process inventory, November 1: Materials cost: $1,800

Conversion cost: $3,700

Cost added during November: Materials cost: $121,000

Conversion cost: $147,700

 

The company uses the weighted-average method.

 

  1. Compute the equivalent units of production.
  2. Compute the costs per equivalent unit for the month.
  3. Determine the cost of ending work in process inventory and of the units transferred out to the next department.
  4. Make a cost reconciliation schedule for the month. Below the schedule, comment on what the cost reconciliation schedule tells us about the company's costs.

 

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Work in Process, Beginning 3525    
Add: Pounds started during November 75000    
Less: Ending inventory 6100    
Units completed and transferred out 72425    
       
1      
  Materials Conversion  
Units completed and transferred out 72425 72425  
Work in process, Ending:      
6100 * 85% 5185    
6100 * 40%   2440  
Equivalent units of production 77610 74865  
       
2      
  Materials Conversion  
Work in process, November 1 1800 3700  
Cost added during November 121000 147700  
Total costs 122800 151400  
Divide by Equivalent units of production 77610 74865  
Cost per Equivalent unit                  1.58                     2.02   
       
3)      
  Materials Conversion Total
Work in Process, Ending Units 5185 2440  
* Cost per Equivalent unit                  1.58                     2.02   
Cost of Ending Work in Process Inventory          8,204.07             4,934.43      13,138.50 
       
  Materials Conversion Total
Units completed and transferred out 72425 72425  
* Cost per Equivalent unit                  1.58                     2.02   
Cost of Units completed and transferred out     1,14,595.93        1,46,465.57   2,61,061.50 
       
Cost of Ending Work in Process Inventory        13,138.50     
Cost of Units Completed and Transferred Out    2,61,061.50     
       
4)      
Cost Reconciliation:      
Cost to be accounted for:      
Cost of Beginning work in Process inventory 5500    
Cost added during November 268700    
Total Cost to be accounted for 274200    
Cost accounted for as follows:      
Cost of Units completed and transferred out     2,61,061.50     
Cost of ending work in process inventory        13,138.50     
Total Cost accounted for     2,74,200.00     

 

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