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Additional Exercise 181 Mayer Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process on May 1 was 75% complete and work in process on May 31 was 60% complete. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) Quantities Units to be accounted for Work in process, May 1 Started into production Total units Units accounted for Transferred out Work in process, May 31 Total units Physical Units 8,000 32,000 40,000 35,000 5,000 40,000 MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Equivalent Units Materials Conversion Costs

Additional Exercise 181 Mayer Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process on May 1 was 75% complete and work in process on May 31 was 60% complete. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) Quantities Units to be accounted for Work in process, May 1 Started into production Total units Units accounted for Transferred out Work in process, May 31 Total units Physical Units 8,000 32,000 40,000 35,000 5,000 40,000 MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Equivalent Units Materials Conversion Costs

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Additional Exercise 181 Mayer Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process on May 1 was 75% complete and work in process on May 31 was 60% complete. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) Quantities Units to be accounted for Work in process, May 1 Started into production Total units Units accounted for Transferred out Work in process, May 31 Total units Physical Units 8,000 32,000 40,000 35,000 5,000 40,000 MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Equivalent Units Materials Conversion Costs
Transcribed Image Text:Additional Exercise 181 Mayer Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process on May 1 was 75% complete and work in process on May 31 was 60% complete. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) Quantities Units to be accounted for Work in process, May 1 Started into production Total units Units accounted for Transferred out Work in process, May 31 Total units Physical Units 8,000 32,000 40,000 35,000 5,000 40,000 MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Equivalent Units Materials Conversion Costs
COSTS Unit costs Costs in May Equivalent units Unit costs Costs to be accounted for Work in process, May 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, May 31 Materials Conversion costs Total costs Materials $140,000 $ Conversion Costs $161,500 Total $301,500 $60,000 241,500 $301,500 $301,500
Transcribed Image Text:COSTS Unit costs Costs in May Equivalent units Unit costs Costs to be accounted for Work in process, May 1 Started into production Total costs Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, May 31 Materials Conversion costs Total costs Materials $140,000 $ Conversion Costs $161,500 Total $301,500 $60,000 241,500 $301,500 $301,500
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