Question

Inventory, May 1 Work in Process-Grinding Department 286,200 Completed and transferred to the Mixing Department 551,030 331,442 Materials Conversion Inventory, May 31 points The May 1 work in process inventory consisted of 108,000 pounds with $171,720 in materials cost and $114,480 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 305,000 pounds were started into production. The May 31 inventory consisted of 117,000 pounds that were 100% complete with respect to materials and 70% complete with respect to conversion. The company uses the weighted average method in its process costing system. Required: 1. Compute the Grinding Department's equivalent units of production for materials and conversion in May. 2. Compute the Grinding Department's costs per equivalent unit for materials and conversion for May. 3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May. Answer is complete but not entirely correct. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. (Round your intermediate calculations to 2 decimal places.) Materials $ 204,750 Conversion Total $ 492,296 Ⓡ$ 697,046 Cost of ending work in process inventory < Required 2 Required 4 > Mc Graw Hill Education < Prey 3 of 4 * Next >

Answer 1

Answert units completed and transferred out = 108.000 + 305000-117.000 = 296,000 Materials conversion units completed and trans fervedoull 296,000 296000 Ending work in process 117,000 81900 117,000x1007) 117.000x70% Equivalent cuits et produdian 413.000 377,900 2) calculate cost per equivalent cuits Malerials conversion cost of beginning work in process | $ 171,720 $ 114,480 costs incurred this periook $551.030 331442 1 Total costs $722,750 $445,929 • Equivalent units of production H13,000 | 372,900 cost per equivakut unito production $ 1.75 $ 1.18 3) calculate the Ending work in processicosti- Materials (17,000 x $1.75] $ 204,750 conversion [81,900* $1.187 $96,642 cost of Ending work in process $301,392 4) Calculate cost of units Transferred.out:- Materials 296000 x$ 1.757 $518,000 conversion 296,0000 $ 1.18 ] $ 349,280 I cost of cenito Transferred out $ 867,280