Calculating Equivalent Units, Cost per Equivalent Unit, Reconciling the Cost of Work in Process (Weighted Average)
Raindrop Company manufactures umbrellas and has the following information available for the month of May:
Work in process, May 1 (100% complete for materials, 90% for conversion) | 72,000 units |
Direct materials | $129,000 |
Conversion cost | $175,000 |
Number of units started | 181,000 |
May costs |
|
Direct materials | $206,000 |
Conversion cost | $379,000 |
Work in process, May 31 (100% complete for materials, 20% for conversion) | 67,000 units |
Required:
Using the weighted average method of process costing, complete each of the following steps:
1.Reconcile the number of physical units worked on during the period.
2. Calculate the number of equivalent units.
3. Calculate the cost per equivalent unit rounded to five decimal places.
4. Reconcile the total cost of work in process.
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