Solution
Material | Conversion | |
Equivalent Units of Production | 382,000 | 344,800 |
.
Material | Conversion | |
Cost per equivalent Unit | $ 1.64 | $ 1.15 |
.
Material | Conversion | Total | |
Cost of Ending work in process Inventory | $ 203,360 | $ 99,820 | $ 303,180 |
.
Material | Conversion | Total | |
Cost of Units Completed and transferred out | $ 423,120 | $ 296,700 | $ 719,820 |
Working
Reconciliation of Units | ||
A | Beginning WIP | 45,000 |
B | Introduced | 337,000 |
C=A+B | TOTAL | 382,000 |
D | Transferred out | 258,000 |
E=C-D | Ending WIP | 124,000 |
.
Statement of Equivalent Units(Weighted average) | |||||||
Material | Conversion | ||||||
Units | Complete % | Equivalent units | Complete % | Equivalent units | |||
Transferred out | 258,000 | 100% | 258,000 | 100% | 258,000 | ||
Ending WIP | 124,000 | 100% | 124,000 | 70% | 86,800 | ||
Total | 382,000 | Total | 382,000 | Total | 344,800 |
.
Cost per Equivalent Units (Weighted average) | ||||
COST | Material | Conversion | TOTAL | |
Beginning WIP Inventory Cost (A) | $ 66,600 | $ 46,350 | $ 112,950 | |
Cost incurred during period (B) | $ 559,880 | $ 350,170 | $ 910,050 | |
Total Cost to be accounted for (C=A+B) | $ 626,480 | $ 396,520 | $ 1,023,000 | |
Total Equivalent Units(D) | 382,000 | 344,800 | ||
Cost per Equivalent Units (E=C/D) | $ 1.64 | $ 1.15 | $ 2.79 |
.
Statement of cost (Weighted average) | |||||
Cost | Equivalent Cost/unit | Ending WIP | Transferred | ||
Units | Cost Allocated | Units | Cost Allocated | ||
Material | $ 1.64 | 124,000 | $ 203,360.00 | 258,000 | $ 423,120.00 |
Conversion | $ 1.15 | 86,800 | $ 99,820.00 | 258,000 | $ 296,700.00 |
TOTAL | $ 1,023,000 | TOTAL | $ 303,180 | TOTAL | $ 719,820 |
Seved Weston Products manufactures an industrial cleaning compound that goes through three processing departments - Grinding,...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments–Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Inventory, May 1 112,950 Completed and transferred to the Mixing Department Materials 559,880 Conversion 350, 170 Inventory, May 31 ? The May 1 work in process inventory consisted of 45,000 pounds with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Hork in Process-Grinding Department Inventory, May 1 112,950 Completed and transferred to the Mixing Department Materials 559,880 350.170 Conversion Inventory, May 31 The May 1 work in process inventory consisted of 45,000 pounds with $66,600 in...
Check my work Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing. and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Inventory, May 1 228,260 Completed and transferred to the Mixing Department Materials 576,080 Conversion 298,920 Inventory, May 31 2 The May 1 work in process inventory consisted of 113,000...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Inventory, May 1 121,830 | Completed and transferred to the Mixing Department Materials 505,550 Conversion 76,800 Inventory, May 31 The May 1 work in process inventory consisted of 93,000 pounds with $114,390...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below Work in Process Grinding Department Completed and transferred to the Inventory, May 1 21,800 Mixing Department Materials 133,400 Conversion 225,500 Inventory, May 31 The May 1 work in process inventory consisted of 18,000 pounds with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments ---Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Inventory, May 1 Work in Process-Grinding Department 296,010 Completed and transferred to the Mixing Department 545,190 354,120 ? Materials Conversion Inventory, May 31 es The May 1 work in process inventory consisted of 117,000 pounds...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding. Mixing. and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Inventory, May 1 Materials Conversion Inventory, May 31 Work in Process-Grinding Department 7 7,760 Completed and transferred to the Mixing Department 423,340 215,668 P The May 1 work in process inventory consisted of 54.000 pounds with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Inventory, May 1 Work in Process-Grinding Department 188,670 Completed and transferred to the Mixing Department 625,400 353, 320 ? Materials Conversion Inventory, May 31 The May 1 work in process inventory consisted of 57,000 pounds with...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below. Work in Process-Grinding Department 174,240 Completed and transferred to the Mixing Department 407,520 124,160 Inventory, May 1 Materials Conversion Inventory, May 31 ? The May 1 work in process inventory consisted of 132,000 pounds with $137,280...
Weston Products manufactures an industrial cleaning compound that goes through three processing departments--- Grinding. Mixing. and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below. Work in Process Grinding Department Inventory, May 1 228,260 Completed and transferred to the Mixing Department 576,080 298,920 Materials Conversion Inventory, May 31 The May 1 work in process inventory consisted of 113,000 pounds with...