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[solution] » Silver Spoon Incorporated is a manufacturer of kitchen utensils.

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Silver Spoon Incorporated is a manufacturer of kitchen utensils.
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Silver Spoon Incorporated is a manufacturer of kitchen utensils. It produces all of its products in one department. The information for the current month is as follows:

      Beginning work in process                                       37,500 units

      Units started                                                              55,000 units

      Units completed                                                        75,000 units

      Ending work in process                                            14,500 units

      Spoilage                                                                      3,000 units

      Beginning work-in-process direct materials                    $25,000

      Beginning work-in-process conversion                          $ 10,000

      Direct materials added during month                            $113,750

      Direct manufacturing labor during month                       $40,020

Beginning work in process was 25% complete as to conversion. Direct materials are added at the beginning of the process. Factory overhead is applied at a rate equal to 37.5% of direct manufacturing labor. Ending work in process was 60% complete. All spoilage is normal and is detected at the end of the process.

Required:

Prepare a production cost worksheet if spoilage is recognized and the weighted-average method is used. (3 marks)

Why is cost accumulation easier under a process costing system than under a job order costing system? Discuss and use examples to support your discussion. (2 marks)


SILVER SPOON

 

PRODUCTION COST WORKSHEET

 

Particulars

 

Work in process, beginning

 

Started during period

 

To account for

 


 

Units

 


 

Direct materials

 


 

$

 

$

 

$

 


 

37,500

 

55,000

 

92,500

 


 

Good units completed

 

Normal...

 







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