Process Costing
Option #1: Process Costing
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.
Submit your assignment as an Excel spreadsheet document, clearly organized, with each tab or section labeled by item number that demonstrates the following:
- Compute the equivalent units of production.
- Compute the costs per equivalent unit for the month.
- Determine the cost of ending work in process inventory and of the units transferred out to the next department.
- Prepare a cost reconciliation schedule for the month. Below the schedule, comment on what the cost reconciliation schedule tells us about the company’s costs.
Responses should be in complete sentences utilizing proper grammar. Your paper must be formatted according to CSU-Global Guide to Writing and APA Requirements (Links to an external site.). Reference Lynda.com in the CSU-Global Library (Links to an external site.) for Microsoft Excel tutorials or use the Excel Tutorials link found in the classroom if assistance is needed.
Review the Module 3 Critical Thinking Rubric for full details on how you will be graded on this assignment.
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