Reference no: EM13503324
Question - Process Costing
As management accountant for the Confectionery Division of Jupiter Australia you are required to produce end of period product costing for a range of different product lines including the 'Nutty Nut' chocolate range. The Jupiter Australia factory responsible for manufacturing these products operates continuously 24 hours a day, 7 days a week and utilises a process costing system and manufactures for the Australian domestic market and the Australasian export market.
The process for manufacturing Nutty Nut is to first make the chocolate, which is then formed into the correct size for each Nutty Nut candy, and which are then coated in a colourful sugar casing. All Raw Material ingredients for the chocolate and sugar coating are added at the commencement of the process including cocoa, milk products, and chocolate liqueurs. For the purpose of accounting the conversion costs of manufacturing are assumed to occur evenly across the whole of the production cycle which takes several hours.
The following information relates to the production of 'Nutty Nut' confectionary during the month of January 2014. The Stock Keeping Unit (SKU) adopted for inventory purposes is a batch pack of 1000 individual chocolates.
|
Work-in-Process: Jan 1, 2014
|
87,214 SKUs
|
|
|
Stage of completion
|
Value
|
|
Raw materials
|
100%
|
$526,800
|
|
Conversion
|
30%
|
$202,100
|
|
|
|
|
Work-in-Process: Jan 31, 2014
|
127,800 SKUs
|
|
|
75% Complete
|
A total of 3,926,100 SKUs were commenced during January and the following costs were incurred.
|
Costs incurred during January 2014:
|
|
Raw materials
|
$24,546,500
|
|
Conversion
|
$28,236,400
|
Required:
(i) Using the Weighted Average Cost Method determine the cost value of closing WIP and the cost value of goods transferred out during the period.
(ii) Using the First In First Out (FIFO) method determine the cost value of closing WIP and the cost value of goods transferred out during the period.
|
Evaluate the heat capacity of satan
: Calculate the heat capacity of satan, i. e. Ni . if 30.0g of nickel at 100.0 c raises the temperature of 25.0g of water from 22.0 c to 30.8 c . assume no heat loss to the surroundings.
|
|
What is the velocity of the ejected electrons
: a metallic surface is illuminated with light of wavelength 400 nm if the work function for this metal is 2.487 eV what the velocity of the ejected electrons would be
|
|
Describe the isotope 22na has a half-life
: The isotope 22Na has a half-life of 2.60 years. How much of a 1.00 gram sample would be left after 1.00 yr
|
|
How deep is the ocean at this point
: A sailor strikes the side of his ship just below the waterline. He hears the echo of the sound reflected from the ocean floor directly below 1.6 s later. How deep is the ocean at this point
|
|
Determine the cost value of closing wip
: Determine the cost value of closing WIP and the cost value of goods transferred out during the period using First In First Out and Weighted Average Cost Method
|
|
How much time passes before police car overtakes the speeder
: An unmarked police car traveling a constant 95 is passed by a speeder traveling 115 . Precisely 1.00 after the speeder passes, how much time passes before the police car overtakes the speeder
|
|
Define ph will bromocresol green be a perfect green color
: Bromocresol green, Ka = 2.0x10^-5, is yellow in its protonated form (HX) and blue in its ionized form (X^-). At what pH will bromocresol green be a perfect green color
|
|
Compute the angle of refraction
: A ray of light, traveling in the air, strikes the surface of mineral oil at an angle of 27.9 degrees with the normal to the surface. What is the angle of refraction
|
|
Manufacturing cost schedule and income statement
: Manufacturing Cost Schedule and Income Statement - prepare a Schedule of Cost of Goods Manufactured, Schedule of Cost of Goods Sold, and an income statement for the Jupiter Manufacturing Co from the information provided.
|