Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking ompound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 63,000 280,000 Materials ? 23,000 $ 67,500 $ 29,100 $ 350,690 $ 159,835 Required: Compute the equivalent units of production for materials and conversion for May. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the equivalent units of production for materials and conversion for May. Conversion

Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking ompound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 63,000 280,000 Materials ? 23,000 $ 67,500 $ 29,100 $ 350,690 $ 159,835 Required: Compute the equivalent units of production for materials and conversion for May. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the equivalent units of production for materials and conversion for May. Conversion

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Description: Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulkingcompound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, i

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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Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 80% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 10,000 100,000 ? 15,000 $ 1,500 $ 7,200 Check my work $ 154,500 $ 90,800 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.…
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion sex complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 6ex complete; conversion 20% complete 10,000 100,000 15,000 Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost %24 1,500 24 7,200 $ 154,500 $ 90,800 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the cost of…
Helix Corporation uses the welghted-average method In Its process costing system. It produces prefabricated flooring in a serles of steps carrled out In productlon departments. All of the materlal that Is used In the first production department is added at the beglnning of processing In that department. Data for May for the first production department follow: Percent Complete Units Materials Conversion Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May 60, 000 100 % 5e % 40, 000 100 % 30 % 24 5e, 200 13,900 246, 000 266, e00 78,320 $ 200,160 Required: 1. Calculate the first production department's equlvalent units of production for materlals and conversion for May. 2 Compute the first production department's cost per…
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Cosby Company uses a process costing system. The company adds all materials at the beginning of the process in the Molding Department, which is the first of two stages of its production process. Information concerning the materials used in the Molding Department during March is as follows: Units started during March- 112,000 units, Units completed and transferred- 97,000 units, Units in process, end (50% complete)- 15,000, Material Cost- P57,120, Conversion Cost- P142,800. Assume, there was a loss of 10,000 units, normal loss of company is 5% of good units which are discovered at the end of the process. What is the cost of goods completed and transferred to be recorded? P189,859.56 P184,767.06 P194,109.73 P191,122.26
Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent month. Required: Using the FIFO method: a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory. d. Determine the cost of units transferred out of the department during the month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Daosta Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's first processing department for a recent…
At Greytown Company, materials are entered at the beginning of each process. Work in process inventories, with the percentage of work done on conversion, and production data for its Painting Department in selected months are as follows: Beginning Work In Process Ending Work In Process Percentage Units Completed Percentage Month Units Completed and Transferred Out Units Completed July -0- — 11,000 1,500 90% Sept. 2,500 20% 9,000 5,000 70% Instructions Compute the equivalent units of production for materials and conversion costs for September.
Helix Corporation uses the weighted-average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Percent Complete Percent Complete Units Materials Conversion Work in process inventory, May 1 200 55% 30% Work in process inventory, May 31 400 40% 25% Materials cost in work in process inventory, May 1 $9,600 Conversion cost in work in process inventory, May 1 $5,545 Units started into production $9,000 Materials cost added during May $368,960 Conversion cost added during May $350,900 Using the weighted-average method, please determine the units transferred out and the equivalent units for both Materials and Conversion costs for the month of May.
Mercier Manufacturing produces a plastic part in three sequential departments: Extruding, Fabricating, and Packaging. Mercier uses the weighted-average process costing method to account for costs of production in all three departments. The following information was obtained for the Fabricating Department for the month of September. Work in process on September 1 had 15,000 units made up of the following: Degree of Amount Completion Prior department costs transferred in from the Extruding Department Costs added by the Fabricating Department Direct materials Direct labor Manufacturing overhead Work in process, September 1 Direct materials Direct labor Manufacturing overhead Total costs added During September, 75,000 units were transferred in from the Extruding Department at a cost of $356,250. The Fabricating Department added the following costs: $ 214, 200 64,800 33,480 $ 312,480 Manufacturing overhead Direct materials. 100% Direct labor 60 50 $ 75,750 $36,000 9,300 8,520 $ 53,820 $…
The following data are given on the production of Perez Mfg for July: Total Equivalent Production 28,500 Placed in Process, Finished, and Transferred 20,000 Finished and on hand 6,000 units In process, end 8,000 units 1/8 done In process beginning ? 1/4 done Placed in Process ? The FIFO costing method was used. How many units were there in the beginning inventory of work in process?
The ABC Company manufactures stationary that goes through two processing stages prior to completion. It uses weighted-average method for process costing. Information on work in the first department, Department A is given below for June: Units Materials Conversion Work in process inventory, 1 June 8,000 40% 60% Work in process inventory, 30 June 10,000 60% 40% Materials Conversion Work in process inventory, 1 June $12,220 $10,200 Cost added during June $109,460 $97,920 During June, 100,000 units were started in Department A. Required: a) Determine the number of units completed and transferred to the next department in June. b) Determine the equivalent units for June for Department A. c) Compute the costs per equivalent unit for June for Department A. (2 marks) (6 marks) (4 marks)
Easy Inc. uses the FIFO method in its process costing system. The following data concern the operations of the company's firs processing department for a recent month. Work in process, beginning: Units in process Percent complete with respect to materials Percent complete with respect to conversion Costs in the beginning inventory: Materials cost Conversion cost Units started into production during the month Units completed and transferred out Costs added to production during the month: Materials cost Conversion cost Work in process, ending: Units in process Percent complete with respect to materials Percent complete with respect to conversion Required: Using the FIFO method: Complete this question by entering your answers in the tabs below. Req A and B Req C and D $ $ a. Determine the equivalent units of production for materials and conversion costs. b. Determine the cost per equivalent unit for materials and conversion costs. c. Determine the cost of ending work in process inventory.…