Beginning work in process | $ 82,000 | Completed & Transferred | $ 510,000 | |||
pounds started in production | $ 470,000 | ending work in process | $ 42,000 | |||
units to be accounted | $ 552,000 | units accounted for | $ 552,000 | |||
1) | Equivalent units of production | |||||
units | % | materials | % | CC | ||
Completed & Transferred | 510,000 | 100% | 510000 | 100% | 510000 | |
ending work in process | 42,000 | 80% | 33600 | 20% | 8400 | |
Equivalent units of production | 543,600 | 518,400 | ||||
2) | Cost per unit | |||||
Materials | CC | Total | ||||
Beginning work in process | $ 152,300 | $ 52,300 | $ 204,600 | |||
cost added during the year | $ 791,650 | $ 287,390 | $ 1,079,040 | |||
total cost | $ 943,950 | $ 339,690 | $ 1,283,640 | |||
equivalent units | $ 543,600 | $ 518,400 | ||||
cost per unit | $ 1.74 | $ 0.66 | $ 2.39 | |||
3) | cost of ending work in process inventory | |||||
Materials | 33,600 | $ 1.74 | $ 58,346 | |||
CC | 8,400 | $ 0.66 | $ 5,504 | |||
cost of ending WIP | $ 63,850 | |||||
4) | cost of units transferred out | |||||
materials | 510,000 | $ 1.74 | $ 885,604 | |||
Conversion | 510,000 | $ 0.66 | $ 334,186 | |||
total | $ 1,219,790 | |||||
5) | cost reconciliation report | |||||
costs to be accounted for: | ||||||
Beginning WIP | $ 204,600 | |||||
cost added during the year | $ 1,079,040 | |||||
total cost to be accounted | $ 1,283,640 | |||||
cost accounted for | ||||||
Completed & transferred | $ 63,850 | |||||
ending WIP | $ 1,219,790 | |||||
cost accounted for | $ 1,283,640 |
Material | Conversion | Total | ||
1) | Equivalent Units | 539,400 | 522,600 | |
2) | Cost per equivalent unit | 1.75 | 0.65 | |
3) | Cost of Ending WIP | 51,450 | 8,190 | 59,640 |
4) | Cost of Transferred Units | 892,500 | 331,500 | 1,224,000 |
5) | Cost Reconciliation Report | |||
Costs to be accounted for: | ||||
Total | Material | Conversion | ||
Costs in beginning inventory | 204,600 | 152,300 | 52,300 | |
Cost added during the year | 1,079,040 | 791,650 | 287,390 | |
Total cost to account for | 1,283,640 | 943,950 | 339,690 | |
Total | Material | CC | ||
Cost Accounted for | ||||
Units completed and transfer | 1,224,000 | 892,500 | 331,500 | |
(510000*1.75) | (510000*0.65) | |||
Units in ending inventory | 59,640 | 51,450 | 8,190 | |
(29400*1.75) | (12600*0.65) | |||
Total Cost Accounted for | 1,283,640 | 943,950 | 339,690 | |
Working Note 1: | ||||
Actual Units | ||||
Calculation of Physical UNITS: | ||||
Units in beginning inventory | 82,000 | |||
Units started during the period | 470,000 | |||
Units to be accounted for | 552,000 | |||
Actual Units | Equivalent Units | |||
Material | Conversion | |||
Units Completed and Transferred | 510,000 | 510,000 | 510,000 | |
(510000*100%) | (510000*100%) | |||
Units in ending inventory | 42,000 | 29,400 | 12,600 | |
(42000*70%) | (42000*30%) | |||
Total accounted for | 552,000 | 539,400 | 522,600 | |
Working Note 2: | ||||
Costs to be accounted for: | ||||
Total | Material | Conversion | ||
Costs in beginning inventory | 204,600 | 152,300 | 52,300 | |
Cost added during the year | 1,079,040 | 791,650 | 287,390 | |
Total cost to account for | 1,283,640 | 943,950 | 339,690 | |
Equivalent Units from above | 539,400 | 522,600 | ||
Cost per equivalent unit | 1.75 | 0.65 |
Problem 4-16 Comprehensive Problem-Weighted Average Method (L04-2, L04-3, L04-4, L04-5) Builder Products, Inc., uses the weighted...
Problem 4-16 Comprehensive Problem-Weighted Average Method (L04-2, L04-3, L04-4, L04-5) 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 88,000 530,000 ? Production data Pounds in process, May 1: materials 100% complete; conversion 908 complete Pounds started into production during May Pounds completed and transferred out Pounds in process,...
Problem 4-16 Comprehensive Problem-Weighted-Average Method (L04-2, LO4-3, LO4-4, LO4-5) 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: 72,000 370,000 32,000 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...
Problem 4-16 Comprehensive Problem-Weighted Average Method [LO4-2, LO4-3, L04-4, LO4-5) 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 87.000 520,000 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;...
Problem 4-16 Comprehensive Problem-Weighted Average Method [LO4-2, LO4-3, LO4-4, LO4-5) 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: 90,000 550,000 ? 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,...
Problem 4-16 Comprehensive Problem-Weighted-Average Method (L04-2, LO4-3, L04-4, LO4-5) Builder Products, Inc., 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: 67,000 320,000 27,000 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 in...
Problem 4-16 Comprehensive Problem-Weighted-Average Method [LO4-2, LO4-3, LO4-4, LO4-5] 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 60,000 Pounds started into production during May 250,000 Pounds completed and transferred out ? Pounds in process, May 31;...
Problem 5-16 Comprehensive Problem-Weighted-Average Method (L05-2, L05-3, LO5-4, LO5-5) 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 83,000 480,000 Production data: Pounds in process, May 1; materials 100% complete; conversion complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31: materials...
Problem 4-16 Comprehensive Problem-Weighted-Average Method [LO4-2, LO4-3, LO4-4, LO4-5] 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 85,000 Pounds started into production during May 500,000 Pounds completed and transferred out ? Pounds in process, May 31;...
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:...
\ Problem 4-16 Comprehensive Problem-Weighted Average Method (LO4-2, LO4-3, LO4-4, LO4-5) 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 90, eee 550, eee 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...