Partial Production Report; Journal Entries; Weighted Average Method
Triangle Fastener Corporation accumulates costs for its single product using process costing. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. A partially completed production report for the month of May follows
ProductionReport Forthe Month of May | ||||
| PhysicalUnits | Percentageof Completion with Respect to Conversion | Equivalent Units | |
|
|
| Direct Material | Conversion |
Work inprocess,May1 | 25,000 | 40% |
|
|
Units started during May | 30,000 |
|
|
|
Total units to account for | 55,000 |
|
|
|
Units completed and transferred out during May | 35,000 |
| 35,000 | 35,000 |
Work in process,May31 | 20,000 | 80% | 20,000 | 16,000 |
Total units accounted for | 55,000 |
|
|
|
| Direct Material | Conversion | Total |
Work in process,May1 | $143,000 | $ 474,700 | $617,700 |
Costs incurred during May | 165,000 | 2,009,000 | 2,174,000 |
Total costs to account for. | $308,000 | $2,483,700 | $2,791,700 |
Required:
1. Complete each of the following process-costing steps using the weighted-average method:
a. Calculation of equivalent units.
b. Computation of unit costs.
c. Analysis of total costs.
2. Prepare a journal entry to record the transfer of the cost of goods completed and transferred out during May.
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