Missing Data; Production Report; Weighted-Average
The following data pertain to the Hercules Tire and Rubber Company for the month of May.
Work in process,May1(10,000units) | ? |
Units started during May | 60,000 |
Total units to account for | 75,000 |
Units completed and transferred out during May | ? |
Work in process, May 31(in units) | 10,000 |
Total equivalent units: direct material | 75,000 |
Total equivalent units: conversion | ? |
Work in process, May 1: direct material.. | $135,000 |
Work in process, May 1:conversion | ? |
Costs incurred during May: direct material | ? |
Costs incurred during May: conversion | 832,250 |
Work in process,May 1: total cost | 172,500 |
Total costs incurred during May | 1,402,250 |
Total costs to account for | 1,574,750 |
Cost per equivalent unit: direct material | 9,40 |
Cost per equivalent unit: conversion | ? |
Total cost per equivalent unit | 21,65 |
Cost of goods completed and transferred out during May | ? |
Cost remaining in ending work-in-process inventory direct material | ? |
Cost remaining in ending work-m-process inventory: conversion | 73,500 |
Total cost of May 31 work in process | 167,500 |
Additional Information:
a. Direct material is added at the beginning of the production process and conversion activity occurs, uniformly throughout the process.
b. Hercules uses weighted-average process costing.
c. The May 1 work in process was 20 percent complete as to conversion.
d. The May 31 work in process was 60 percent complete as to conversion.
Required: Compute the missing amounts, and prepare the firm's May production report.
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