Venus Chocolate Company processes chocolate into candy bars. The process begins by placing direct materials (raw chocolate, milk, and sugar) into the Blending Department. All materials are placed into production at the beginning of the blending process. After blending, the milk chocolate is then transferred to the Molding Department, where the milk chocolate is formed into candy bars. The following is a partial work in process account of the Blending Department at March 31, 2012: ACCOUNT Work in Process-Blending Department ACCOUNT NO. Date Item Debit Credit Balance Debit Credit Mar. 1 Bal., 6,300 units, 2/5 completed 8,820 31 Direct materials, 252,000 units 327,600 336,420 31 Direct labor 60,600 397,020 31 Factory overhead 15,180 412,200 31 Goods transferred, 253,000 units ? 31 Bal., ? units, 2/5 completed ? Instructions: Hide
1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Blending Department. If an amount is zero, enter in a zero (0). When computing cost per equivalent units, round to two decimal places. Venus Chocolate Company Cost of Production Report-Blending Department For the Month Ended March 31, 2012 Unit Information Units charged to production: Inventory in process, March 1 Received from materials storeroom Total units accounted for by the Blending Department Units to be assigned cost: Equivalent Units Whole Units Direct Materials Conversion Inventory in process, March 1 Started and completed in March Transferred to Blending Department in March Inventory in process, March 31 Total units to be assigned cost Cost Information Costs per equivalent unit: Direct Materials Conversion Total costs for March in Blending Department $ $ Total equivalent units Cost per equivalent unit $ $ Costs charged to production: Direct Materials Conversion Total Inventory in process, March 1 $ Costs incurred in March Total costs accounted for by the Blending Department $ Cost allocated to completed and partially completed units: Inventory in process, March 1 balance $ To complete inventory in process, March 1 $ $ Cost of completed March 1 work in process $ Started and completed in March Transferred to Molding Department in March $ Inventory in process, March 31 Total costs assigned by the Blending Department I know this is long, but I would really appreciate the help!!!!