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Question: the honeybutter company makes flavored butter in 1 pound containers...

Question details

The HoneyButter Company makes flavored butter in 1 pound containers. At the beginning of March, the firm's Mixing Department already had 10,000 pounds of butter in production. During the month, the firm started 100,000 pounds, and completed 95,000 pounds and transferred them to the Packaging Department. All direct materials are added at the beginning of the production cycle and conversion costs are added uniformly throughout the production process. The Weighted Average method of process costing is used by HoneyButter. Beginning work in process was 25% complete as to conversion costs, while ending work in process was 20% complete as to conversion costs. Other information about costs to date follow:

Beginning inventory:                         Manufacturing costs added during the March accounting period

      Direct materials costs $ 1,800                           Direct materials costs   $154,400

            Conversion costs         $ 7,200            Conversion costs         $ 90,800

Complete and submit the following table including the T-Accounts.

Flow of production

Physical Units

Direct Materials

Conversion

WIP, beginning

Started during period

   To account for

Units completed & Transferred

WIP, ending

   Accounted for

Costs

Totals

Direct Materials

Conversion

WIP, beginning

Costs added during period

Total costs to account for

Divided by equivalent units

Equivalent unit costs

Assignment of costs

Completed units (completed and transferred)

WIP, ending

Costs accounted for

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