Production cost
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PROBLEM 1
The November production of XXXXXX consisted of batch P25 (2,000 professional basketballs) and batch $33 (4,000 scholastic basketballs). Each batch was started and finished during November, and there was no beginning or ending work in process. Costs incurred were as follow:
Direct material:
Batch P25, $42,000, including $2,500 for packaging material; batch $33, $45,000
Conversion costs:
Preparation Department, predetermined rate of $7.50 per unit; Finishing Department, predetermined rate of $6.00 per unit; Packaging Department, predetermined rate of $.50 per unit. (Only the professional balls are packaged.)
Required:
a. Draw a diagram depicting the division's batch manufacturing process.
b. Compute the November product cost for each type of basketball.
c. Prepare journal entries to record the cost flows during November.
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Solution Summary
Excel file contains diagram depicting the division's batch manufacturing process,calculation of product cost for each type of basketball.and journal entries to record the cost flows during November.
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