Questions: Chapter 3 Homework Saved Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. 1.5 points The following is an excerpt from the production report for Fincher Farms. 03:47:27 Assume the company uses Weighted-Average Method. Required: Find the missing amounts. eBook References FINCHER FARMS Process Costing Production Report (Weighted-Average Method) For the Month Ended January 31, Current Year Physical Units Units to be accounted for Beginning work in process 40,000 Started into production Total units 340,000 Physical Units Direct Materials Conversion Cost Units accounted for Completed and transferred 260,000 260,000 Ending work in process 80,000 Total units 340,000 340,000 292,000

Chapter 3 Homework Saved Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. 1.5 points The following is an excerpt from the production report for Fincher Farms. 03:47:27 Assume the company uses Weighted-Average Method. Required: Find the missing amounts. eBook References FINCHER FARMS Process Costing Production Report (Weighted-Average Method) For the Month Ended January 31, Current Year Physical Units Units to be accounted for Beginning work in process 40,000 Started into production Total units 340,000 Physical Units Direct Materials Conversion Cost Units accounted for Completed and transferred 260,000 260,000 Ending work in process 80,000 Total units 340,000 340,000 292,000
Transcript text: Chapter 3 Homework Saved Fincher Farms uses process costing to account for the production of canned vegetables. Direct materials are added at the beginning of the process and conversion costs are incurred uniformly throughout the process. Beginning work in process is 30 percent complete; ending work in process is 40 percent complete. 1.5 points The following is an excerpt from the production report for Fincher Farms. 03:47:27 Assume the company uses Weighted-Average Method. Required: Find the missing amounts. eBook References \begin{tabular}{|c|c|c|c|} \hline \multicolumn{4}{|c|}{FINCHER FARMS} \\ \hline \multicolumn{4}{|l|}{Process Costing Production Report (Weighted-Average Method)} \\ \hline \multicolumn{4}{|c|}{For the Month Ended January 31, Current Year} \\ \hline & Physical Units & & \\ \hline \multicolumn{4}{|l|}{Units to be accounted for} \\ \hline Beginning work in process & 40,000 & & \\ \hline \multicolumn{4}{|l|}{Started into production} \\ \hline Total units & 340,000 & & \\ \hline & & \multicolumn{2}{|l|}{Equivalent Units} \\ \hline & Physical Units & Direct Materials & Conversion Cost \\ \hline \multicolumn{4}{|l|}{Units accounted for} \\ \hline Completed and transferred & 260,000 & 260,000 & \\ \hline Ending work in process & & 80,000 & \\ \hline Total units & 340,000 & 340,000 & 292,000 \\ \hline \end{tabular}
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Solution

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To solve the problem, we need to find the missing amounts in the production report for Fincher Farms using the Weighted-Average Method. Let's break down the information given and apply the principles of process costing.

Step 1: Understand the Units to be Accounted For
  • Beginning Work in Process (WIP): 40,000 units
  • Started into Production: This is not directly given, but we can infer it from the total units.
  • Total Units: 340,000 units
Step 2: Calculate Units Started into Production

The total units to be accounted for is the sum of the beginning WIP and the units started into production. Therefore: \[ \text{Units Started into Production} = \text{Total Units} - \text{Beginning WIP} = 340,000 - 40,000 = 300,000 \]

Step 3: Units Accounted For
  • Completed and Transferred: 260,000 units
  • Ending Work in Process (WIP): This can be calculated as the difference between total units and completed units. \[ \text{Ending WIP} = \text{Total Units} - \text{Completed and Transferred} = 340,000 - 260,000 = 80,000 \]
Step 4: Equivalent Units Calculation

  • Direct Materials: Since direct materials are added at the beginning of the process, the equivalent units for direct materials are the same as the physical units for both completed and ending WIP.

    • Completed and Transferred: 260,000 units
    • Ending WIP: 80,000 units
    • Total Equivalent Units for Direct Materials: 340,000 units

  • Conversion Costs: Conversion costs are incurred uniformly, so we need to calculate the equivalent units for conversion costs.

    • Completed and Transferred: 260,000 units (fully complete)
    • Ending WIP: 80,000 units at 40% completion
    • Equivalent Units for Ending WIP: \( 80,000 \times 0.40 = 32,000 \)
    • Total Equivalent Units for Conversion Costs: \( 260,000 + 32,000 = 292,000 \)
Summary
  • Units Started into Production: 300,000 units
  • Ending Work in Process: 80,000 units
  • Equivalent Units for Direct Materials: 340,000 units
  • Equivalent Units for Conversion Costs: 292,000 units

These calculations fill in the missing amounts in the production report for Fincher Farms using the Weighted-Average Method.

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