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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, 2014:
Required:
1. Prepare a cost of production report, and identify the missing amounts for Work in Process-Blending Department. If an amount is zero, enter "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, 2014
Inventory in process, March 1
Received from materials storeroom
Total units accounted for by the Blending Department
Equivalent Units
Whole Units
Direct Materials
Conversion
Started and completed in March
Transferred to Molding Department in March
Inventory in process, March 31
Total units to be assigned costs
Total costs for March in Blending Department
Total equivalent units
Cost per equivalent unit
Total
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
Total costs assigned by the Blending Department
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2. Assuming that the March 1 work in process inventory includes $23,040 of direct materials, determine the increase or decrease in the cost per equivalent unit for direct materials and conversion between February and March. If required, round your answers to the nearest cent.
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