Solution
Material | Conversion | |
Equivalent Units of Production | 3,44,400 | 3,39,600 |
.
Material | Conversion | |
Cost per equivalent Unit | $ 1.25 | $ 0.45 |
.
Material | Conversion | Total | |
Ending Inventory | $ 18,000 | $ 4,320 | $ 22,320 |
.
Material | Conversion | Total | |
Units Completed and transferred | $ 412,500 | $ 148,500 | $ 561,000 |
.
Cost Reconciliation | |
Costs to be accounted for: | |
Beginning Wip cost | $ 93,000 |
Cost incurred during period | $ 490,320 |
Total cost to be accounted for | $ 583,320 |
Costs accounted for as follows: | |
Cost of Units Transferred Out | $ 561,000 |
Cost of Ending Wip | $ 22,320 |
Total cost accounted for | $ 583,320 |
Working
Statement of Equivalent Units(Weighted average) | |||||||
Material | Conversion cost | ||||||
Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
Transferred | 3,30,000 | 100% | 3,30,000 | 100% | 3,30,000 | ||
Closing WIP | 24,000 | 60% | 14,400 | 40% | 9,600 | ||
Total | 3,54,000 | Total | 3,44,400 | Total | 3,39,600 |
.
Cost per Equivalent Units (Weighted average) | ||||
COST | Material | Conversion cost | TOTAL | |
Beginning WIP Inventory Cost | $ 69,500 | $ 23,500 | $ 93,000 | |
Cost incurred during period | $ 361,000 | $ 129,320 | $ 490,320 | |
Total Cost to be accounted for | $ 430,500 | $ 152,820 | $ 583,320 | |
Total Equivalent Units | 3,44,400 | 3,39,600 | ||
Cost per Equivalent Units | $ 1.25 | $ 0.45 | $ 1.70 |
.
Statement of cost (Weighted average) | |||||
Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
Units | Cost Allocated | Units | Cost Allocated | ||
Material | $ 1.25 | 14,400 | $ 18,000.00 | 3,30,000 | $ 412,500 |
Conversion cost | $ 0.45 | 9,600 | $ 4,320.00 | 3,30,000 | $ 1,48,500.00 |
TOTAL | $ 583,320 | TOTAL | $ 22,320 | TOTAL | $ 561,000 |
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a...
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 64,000 290,000 ? Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60# complete; conversion 40complete Cost data: Work in...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion Information on work in the first department, Cooking, is given below for May 83.009 480,000 Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 81,000 460,000 55,000 Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 80% complete; conversion 20% complete Cost data:...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 89,000 540,000 60,000 Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 80% complete; conversion 20% complete Cost data:...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 80% complete; conversion 20% complete 81,000 460,000 ? 55,000 Cost...
\ Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 74,000 390,000 ? 34,000 Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 70% complete; conversion 30% complete Cost...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 10,000 100,000 ? 15,000 Production data: Pounds in process, May 1; materials 100% complete; conversion 80% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 20% complete Cost...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 10,000 100,000 ? Production data: Pounds in process, May 1; materials 100% complete; conversion 80% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 20% complete Cost data:...
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: 86,000 510,000 Production data Pounds in process, May 1: materials 100% complete; conversion 90 complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 705 complete conversion 301 complete Cost data: Work...
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete 90,000 Pounds started into production during May 550,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 70% complete; conversion 30% complete 50,000 Cost data:...