Question

Department 1 of Super Patties cooks ground beef for hamburger patties. The patties are then transferred to Department 2 where they are placed on buns, boxed, and frozen. The accepted level of shrinkage in Department 1 is 10 percent of the pounds started. Super Patties uses a weighted average process costing system and has the following production and cost data for Department 1 for May 2001: $$ \begin{array}{lr} \text { Beginning inventory ( } 80 \% \text { complete as to conversion) } & 1,000 \text { pounds } \\ \text { Started } & 125,000 \text { pounds } \\ \text { Transferred to Department } 2 \text { ( } 550,000 \text { patties) } & 110,000 \text { pounds } \\ \text { Ending inventory ( } 30 \% \text { complete as to conversion) } & 3,000 \text { pounds } \\ \text { Beginning inventory cost of ground beet } & \$ 1,020 \\ \text { May cost of ground beef } & \$ 106,710 \\ \text { Beginning inventory conversion cost } & \$ 195 \\ \text { May conversion cost } & \$ 27,630 \end{array} $$ a. What is the total shrinkage (in pounds)? b. How much of the shrinkage is classified as normal? How is it treated for accounting purposes? c. How much of the shrinkage is classified as abnormal? How is it treated for accounting purposes? d. What is the total cost of the patties transferred to Department 22 Cost of ending inventory? Cost of abnormal spoilage? e. How might Super Patties reduce its shrinkage loss? How, if at all, would your solution(s) affect costs?

   Department 1 of Super Patties cooks ground beef for hamburger patties. The patties are then transferred to Department 2 where they are placed on buns, boxed, and frozen. The accepted level of shrinkage in Department 1 is 10 percent of the pounds started. Super Patties uses a weighted average process costing system and has the following production and cost data for Department 1 for May 2001:
$$
\begin{array}{lr}
\text { Beginning inventory ( } 80 \% \text { complete as to conversion) } & 1,000 \text { pounds } \\
\text { Started } & 125,000 \text { pounds } \\
\text { Transferred to Department } 2 \text { ( } 550,000 \text { patties) } & 110,000 \text { pounds } \\
\text { Ending inventory ( } 30 \% \text { complete as to conversion) } & 3,000 \text { pounds } \\
\text { Beginning inventory cost of ground beet } & \$ 1,020 \\
\text { May cost of ground beef } & \$ 106,710 \\
\text { Beginning inventory conversion cost } & \$ 195 \\
\text { May conversion cost } & \$ 27,630
\end{array}
$$
a. What is the total shrinkage (in pounds)?
b. How much of the shrinkage is classified as normal? How is it treated for accounting purposes?
c. How much of the shrinkage is classified as abnormal? How is it treated for accounting purposes?
d. What is the total cost of the patties transferred to Department 22 Cost of ending inventory? Cost of abnormal spoilage?
e. How might Super Patties reduce its shrinkage loss? How, if at all, would your solution(s) affect costs?
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Cost Accounting: Traditions and Innovations
Cost Accounting: Traditions and Innovations
Jesse T. Barfield,… 4th Edition
Chapter 7, Problem 29 ↓

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Step 1

- Total pounds started = 125,000 pounds - Total pounds transferred to Department 2 = 110,000 pounds - Ending inventory = 3,000 pounds - Total accounted for = Total pounds transferred + Ending inventory = 110,000 pounds + 3,000 pounds = 113,000 pounds   Show more…

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Department 1 of Super Patties cooks ground beef for hamburger patties. The patties are then transferred to Department 2 where they are placed on buns, boxed, and frozen. The accepted level of shrinkage in Department 1 is 10 percent of the pounds started. Super Patties uses a weighted average process costing system and has the following production and cost data for Department 1 for May 2001: $$ \begin{array}{lr} \text { Beginning inventory ( } 80 \% \text { complete as to conversion) } & 1,000 \text { pounds } \\ \text { Started } & 125,000 \text { pounds } \\ \text { Transferred to Department } 2 \text { ( } 550,000 \text { patties) } & 110,000 \text { pounds } \\ \text { Ending inventory ( } 30 \% \text { complete as to conversion) } & 3,000 \text { pounds } \\ \text { Beginning inventory cost of ground beet } & \$ 1,020 \\ \text { May cost of ground beef } & \$ 106,710 \\ \text { Beginning inventory conversion cost } & \$ 195 \\ \text { May conversion cost } & \$ 27,630 \end{array} $$ a. What is the total shrinkage (in pounds)? b. How much of the shrinkage is classified as normal? How is it treated for accounting purposes? c. How much of the shrinkage is classified as abnormal? How is it treated for accounting purposes? d. What is the total cost of the patties transferred to Department 22 Cost of ending inventory? Cost of abnormal spoilage? e. How might Super Patties reduce its shrinkage loss? How, if at all, would your solution(s) affect costs?
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