Requirement 1
Material |
Conversion |
|
Equivalent Units of Production |
3,82,000 |
3,44,800 |
Requirement 2
Material |
Conversion |
|
Cost per equivalent Unit |
$ 1.64 |
$ 1.15 |
Requirement 3
Material |
Conversion |
Total |
|
Ending Inventory |
$ 2,03,360 |
$ 99,820 |
$ 3,03,180 |
Requirement 4
Material |
Conversion |
Total |
|
Units Completed |
$ 4,23,120 |
$ 2,96,700 |
$ 7,19,820 |
.
Working
Reconciliation of Units |
||
A |
Opening WIP |
45,000 |
B |
Introduced |
3,37,000 |
C=A+B |
TOTAL |
3,82,000 |
D |
Transferred |
2,58,000 |
E=C-D |
Closing WIP |
1,24,000 |
Statement of Equivalent Units |
|||||
Material |
Conversion Cost |
||||
Units |
Complete % |
Equivalent units |
Complete % |
Equivalent units |
|
Transferred |
2,58,000 |
100% |
2,58,000 |
100% |
2,58,000 |
Closing WIP |
1,24,000 |
100% |
1,24,000 |
70% |
86,800 |
Total |
3,82,000 |
Total |
3,82,000 |
Total |
3,44,800 |
Cost per Equivalent Units |
|||
COST |
Material |
Conversion Cost |
TOTAL |
Beginning WIP Inventory Cost |
$ 66,600 |
$ 46,350 |
$ 1,12,950 |
Cost incurred during period |
$ 5,59,880 |
$ 3,50,170 |
$ 9,10,050 |
Total Cost to be accounted for |
$ 6,26,480 |
$ 3,96,520 |
$ 10,23,000 |
Total Equivalent Units |
3,82,000 |
3,44,800 |
|
Cost per Equivalent Units |
$ 1.64 |
$ 1.15 |
Statement of cost |
|||||
Cost |
Equivalent Cost/unit |
Ending WIP |
Transferred |
||
Units |
Cost Allocated |
Units |
Cost Allocated |
||
Material |
$ 1.64 |
1,24,000 |
$ 2,03,360.00 |
2,58,000 |
$ 4,23,120.00 |
Conversion Cost |
$ 1.15 |
86,800 |
$ 99,820.00 |
2,58,000 |
$ 2,96,700.00 |
TOTAL |
$ 10,23,000 |
TOTAL |
$ 3,03,180 |
TOTAL |
$ 7,19,820 |
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking....
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: 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 Inventory, May 1 374,660 Completed and transferred to the Mixing Department ? Materials 585,210 Conversion 375,114 Inventory, May 31 ? The May 1 work in process inventory consisted of 131,000 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 Inventory, May 1 178,000 Completed and transferred to the Mixing Department ? Materials 724,040 Conversion 402,000 Inventory, May 31 ? The May 1 work in process inventory consisted of 50,000 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 Inventory, May 1 286,200 Completed and transferred to the Mixing Department ? Materials 551,030 Conversion 331,442 Inventory, May 31 ? The May 1 work in process inventory consisted of 108,000 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 Inventory, May 1 171,360 Completed and transferred to the Mixing Department ? Materials 405,020 Conversion 175,260 Inventory, May 31 ? The May 1 work in process inventory consisted of 102,000 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 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...
Seved 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: 2 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 3R The May 1 work in process inventory consisted of...