Solution
Material | Conversion | |
Equivalent Units of Production | 3,60,000 | 3,45,000 |
.
Material | Conversion | |
Cost per equivalent Unit | $ 1.26 | $ 0.46 |
.
Material | Conversion | Total | |
Ending Inventory | $ 25,200 | $ 2,300 | $ 27,500 |
.
Material | Conversion | Total | |
Units Completed and transferred | $ 428,400 | $ 156,400 | $ 584,800 |
.
Cost Reconciliation | |
Costs to be accounted for: | |
Beginning Wip cost | $ 97,600 |
Cost incurred during period | $ 514,700 |
Total cost to be accounted for | $ 612,300 |
Costs accounted for as follows: | |
Cost of Units Transferred Out | $ 584,800 |
Cost of Ending Wip | $ 27,500 |
Total cost accounted for | $ 612,300 |
Working
Statement of Equivalent Units(Weighted average) | |||||||
Material | Conversion cost | ||||||
Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
Transferred | 3,40,000 | 100% | 3,40,000 | 100% | 3,40,000 | ||
Closing WIP | 25,000 | 80% | 20,000 | 20% | 5,000 | ||
Total | 3,65,000 | Total | 3,60,000 | Total | 3,45,000 |
.
Cost per Equivalent Units (Weighted average) | ||||
COST | Material | Conversion cost | TOTAL | |
Beginning WIP Inventory Cost | $ 73,200 | $ 24,400 | $ 97,600 | |
Cost incurred during period | $ 380,400 | $ 134,300 | $ 514,700 | |
Total Cost to be accounted for | $ 453,600 | $ 158,700 | $ 612,300 | |
Total Equivalent Units | 3,60,000 | 3,45,000 | ||
Cost per Equivalent Units | $ 1.26 | $ 0.46 | $ 1.72 |
.
Statement of cost (Weighted average) | |||||
Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
Units | Cost Allocated | Units | Cost Allocated | ||
Material | $ 1.26 | 20,000 | $ 25,200.00 | 3,40,000 | $ 428,400 |
Conversion cost | $ 0.46 | 5,000 | $ 2,300.00 | 3,40,000 | $ 1,56,400.00 |
TOTAL | $ 612,300 | TOTAL | $ 27,500 | TOTAL | $ 584,800 |
Check i Builder Products, Inc., uses the weighted average method in its process costing system. It...
Check my 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 76,000 410,000 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 40% 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: 65,000 300,000 ? 25,000 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...
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 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 64,000 290,000 ? 24,000 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 40% 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: 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...