Company A, which manufactures quality paint sold at premium prices, uses a single production department. Production...
Company A, which manufactures quality paint sold at premium prices, uses a single production department. Production begins with the blending of various chemicals, which are added at the beginning of the process, and ends with the canning of the paint. Canning occurs when the mixture reaches the 90% stage of completion. The gallon cans are then transferred to the shipping department for crafting and shipment. Labor and overhead are added continuously throughout the process. Factory overhead is applied on the basis of direct labor hours at the rate of $3.00 per hour.
The following data relate to actual production during the month of May:
Costs for May
|
Work-in-process inventory, May 1 (4,000 gallons 25% complete) |
|
|
Direct materials-chemicals |
$45,600 |
|
Direct labor ($10 per hour) |
6,250 |
|
Factory overhead |
1,875 |
|
May costs added |
|
|
Direct materials-chemicals |
228,400 |
|
Direct materials-cans |
7,000 |
|
Direct labor ($10 per hour) |
35,000 |
|
Factory overhead |
10,500 |
Units for May
|
Work-in-process inventory, May 1 (25% complete) |
4,000 |
|
Sent to shipping department |
20,000 |
|
Started in May |
21,000 |
|
Work-in-process inventory, May 31 (80% complete) |
5,000 |
Calculate the equivalent units of production for each cost element for May using the weighted average approach.
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