Question

Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound th goes through three processing stages prior to completion Information on work in the first department, Cooking, is given below to May 61,000 260,000 ? 21,000 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 sex complete; conversion 20% complete Cost data: Work in process inventory, May 11 Materials cost Conversion cost Cost added during May: Materials cost Conversion cost ces $ 58,800 $ 21,100 $ 305,520 $ 115,790 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 in total for May 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May 5. Prepare a cost reconciliation report for May 3 Score answer >

Answer 1

UNITS TO ACCOUNT FOR:
Beginning Work in Process units			61,000
Add: Units Started in Process			2,60,000
Total Units to account for:			3,21,000
UNITS TO BE ACCOUNTED FOR:
Units completed and transferred out		3,00,000
Ending Work in Process			21,000
Total Units to be accounted for:		3,21,000
Equivalent Units:
			UNITS	Material Cost	Conversion
				% Completion	Units	% Completion	Units
Units completed and Transferred out	300000	100%	3,00,000	100%	3,00,000
Ending Work in Process	21000	80%	16,800	20%	4,200
Total Equivalent units	321000		3,16,800		3,04,200
TOTAL COST TO ACCOUNT FOR:
				Material		Conversion
Beginning WIP cost			58,800		21,100
Cost Incurred during the year		3,05,520		1,15,790
Total Cost to account for:		3,64,320		1,36,890
Equivalent Units			3,16,800		3,04,200
Cost per Equivalent unit		1.15		0.45
TOTAL COST ACCOUNTED FOR:
Units completed (300,000 units)
				Equivalent unit	Cost per EU	Total Cost
Material				3,00,000	1.15	345000
Conversion Cost			3,00,000	0.45	135000
Total cost of units transferred out						480000
Ending Work in process (21000 units)
				Equivalent unit	Cost per EU	Total Cost
Material				16,800	1.15	19320
Conversison Cost			4,200	0.45	1890
Total cost of Ending Work in process:			21,210
Req 1.			Material	Conversion
Equivalent units of production	3,16,800	3,04,200
Req 2.			Material	Conversion
Cost per EUP		1.15	0.45
Req 3.			Material	Conversion	Total
Ending WIP		19320	1890	21210
Req 4.			Material	Conversion	Total
Units completed and Transferred	345000	135000	480000
Req 5.
Total cost to Account fr:
Cost of Beginingg WIP		79900
Current cost incurred
Material				305520
Conversion cost			115790
Total cost to Account for		501210
Total cost accounted for:			Add a comment Know the answer? Add Answer to: Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a... Your Answer: Post as a guest Your Name: What's your source? Earn Coins Coins can be redeemed for fabulous gifts. Log In Sign Up Post as anonymous Post Your Answer Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free. Similar Homework Help Questions 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. 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