Wanda Company produces its finished product in two processing departments--Mixingand Finishing. The following information is available for the month of March: Mixing Department:
The beginning work in process inventory was $17,130 ($14,880 direct materials and $2,250 converion costs) and consisted of 1.200 units.
During March, an additional 10.600 units were started into production. A total of 10.900 units were completed and transferred out to the Finishing Department.
The ending work in process inventory consisted of 900 units which were 80% complete as to conversion costs.
The following costs were incurred during March: direct materials $132,620; direct labor $140, 000; and overhead costs $101,770.
Direct materials are added at the beginning of the process in the Mixing Department and conversion costs are incurred evenly throughout the process.

Finishing Department:
The beginning work in process inventory was $57,210 ($44,250 transferred-in costs and $12,960 conversion costs) and consisted of 600 units.
During March, a total of 11.000 units were completed and transferred out to Finished Goods Inventory.
The ending work in process inventory consisted of 500 units which were 40% complete as to conversion costs.
The following costs were incurred during March: direct materials $143,000; direct labor $250, 000; and overhead costs $149.200.
Direct materials are added at the end of the process in the Finishing Department and conversion costs are incurred evenly throughout the production process.

Required:
a. Prepare a production report for March for the Mixing Department.
b. Give the general journal entry to record the transfer of the completed units from the Mixing Department to the Finishing Department for March.
c. Prepare a production report for March for the Finishing Department.
d. Give the general journal entry to record the completion of the units in the Finishing Department for March.
e. Draw the Work-in-Process Inventory T-accounts for the Mixing Department and the Finishing Department and enter the appropriate cost flow account data.
f. Why is computing cost of goods sold problematic in a process costing environment?

Part a

Production report for March for the Mixing Department

                                                             Units                    Costs

Input

Opening Inventory                             1.200                   $17,130

Started during the period                10.600               $374,390

Total                                                   11.800                $391,520

Output

Completed and transferred            10.900                 $365,150

Ending Work In Process                      900                   $26,370

Total                                                   11.800                $391,520

Part b

Debit : Work in Process - Finishing Department $365,150

Credit : Work in Process - Finishing Department $365,150

Part c

Production report for March for the Finishing Department

                                                           Units                     Costs

Input

Transferred                                        10.900              $365,150

Opening Inventory                                 600                $57,210

Started during the period                          0              $542,200

Total                                                    11.500              $964,560

Output

Completed and transferred               11.000             $933,130

Ending Work In Process                        500                $31,375

Total                                                    11.500             $964,560

Part d

Debit : Finished Goods Inventory $933,130

Credit : Work In Process - Finishing Department  $933,130

Part e

Work-in-Process Inventory T-accounts for the Mixing Department

                                                           Units                     Costs

Debit

Opening Inventory                             1.200                   $17,130

Cost incurred                                    10.600               $374,390

Total                                                   11.800                $391,520

Credit

Completed and transferred            10.900                 $365,150

Ending Work In Process                      900                   $26,370

Total                                                   11.800                $391,520

Work-in-Process Inventory T-accounts for the Finishing Department

                                                             Units                     Costs

Debit :

Transferred                                        10.900              $365,150

Opening Inventory                                 600                $57,210

Started during the period                          0              $542,200

Total                                                    11.500              $964,560

Credit :

Completed and transferred               11.000             $933,130

Ending Work In Process                        500                $31,375

Total                                                    11.500             $964,560

Part f

Cost of Goods Sold is a direct cost related to sale of goods. In process costing it is difficult to accurately value this amount since it contains the average cost. this means that units never sold would have been included in the calculation of the cost of goods sold.

Explanation:

It is important to first calculate the equivalent cost unit in each department to be able to solve the question. Calculations of equivalent units are shown below :

Mixing Department

Equivalent Units :

Conversion costs = 900 x 80% + 10,900 = 11,620

Material costs = 900 + 10,900 = 11,800

Equivalent Units Costs

Conversion = ($2,250 + $140,000 + $101, 770) ÷ 11,620 = $21.00

Material costs = ($14,880 + $132,600) ÷ 11,800 = $12.50

Finishing Department

Equivalent Units :

Process 1 = 11.000 + 500  = 11.500

Conversion costs = 500 x 40% + 11.000 = 11,200

Material costs = 11.000 + 500  = 11.500

Equivalent Units Costs

Process 1 = ($44,250 +  $365,150) ÷ 11.500 = $35.60

Conversion = ($12,960 + $250,000 + $149,200) ÷ 11,200 = $36.80

Material costs = ($0 + $143,000) ÷ 11,500 = $12.43

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