Solution
Material | Conversion | |
Equivalent Units of Production | 5,79,500 | 5,57,500 |
...
Material | Conversion | Total | |
Ending Inventory | $ 40,425 | $ 12,045 | $ 52,470 |
.
Material | Conversion | Total | |
Units Completed and transferred | $ 568,050 | $ 394,930 | $ 962,980 |
.
Cost Reconciliation | |
Costs to be accounted for: | |
Beginning Wip cost | $ 160,800 |
Cost incurred during period | $ 854,650 |
Total cost to be accounted for | $ 1,015,450 |
Costs accounted for as follows: | |
Cost of Units Transferred Out | $ 962,980 |
Cost of Ending Wip | $ 52,470 |
Total cost accounted for | $ 1,015,450 |
Working
Statement of Equivalent Units(Weighted average) | |||||||
Material | Conversion cost | ||||||
Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
Transferred | 5,41,000 | 100% | 5,41,000 | 100% | 5,41,000 | ||
Closing WIP | 55,000 | 70% | 38,500 | 30% | 16,500 | ||
Total | 5,96,000 | Total | 5,79,500 | Total | 5,57,500 |
.
Cost per Equivalent Units (Weighted average) | ||||
COST | Material | Conversion cost | TOTAL | |
Beginning WIP Inventory Cost | $ 98,200 | $ 62,600 | $ 160,800 | |
Cost incurred during period | $ 510,275 | $ 344,375 | $ 854,650 | |
Total Cost to be accounted for | $ 608,475 | $ 406,975 | $ 1,015,450 | |
Total Equivalent Units | 5,79,500 | 5,57,500 | ||
Cost per Equivalent Units | $ 1.05 | $ 0.73 | $ 1.78 |
.
Statement of cost (Weighted average) | |||||
Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
Units | Cost Allocated | Units | Cost Allocated | ||
Material | $ 1.05 | 38,500 | $ 40,425.00 | 5,41,000 | $ 568,050 |
Conversion cost | $ 0.73 | 16,500 | $ 12,045.00 | 5,41,000 | $ 3,94,930.00 |
TOTAL | $ 1,015,450 | TOTAL | $ 52,470 | TOTAL | $ 962,980 |
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking...
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:...
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 83,000 Pounds started into production during May 480,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 75% complete; conversion 25% complete 43,000 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 73,000 Pounds started into production during May 380,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 80% complete; conversion 20% complete 33,000 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: Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and...
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 61,000 Pounds started into production during May 260,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 80% complete; conversion 20% complete 21,000 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 67,000 Pounds started into production during May 320,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 75% complete; conversion 25% complete 27,000 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 89,000 Pounds started into production during May 540,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 80% complete; conversion 20% complete 60,000 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 89,000 Pounds started into production during May 540,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 80% complete; conversion 20% complete 60,000 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 75,000 Pounds started into production during May 400,000 Pounds completed and transferred out ?Pounds in process, May 31; materials 75% complete; conversion 25% complete 35,000 Cost data: Work in process...