Builder Products, Incorporated, uses the weighted-average method of process costing. 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 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 Required: 79,000 440,000 ? 39,000 $ 100,200 $ 12,100 $ 521,085 $ 66,260 For May: 1. Compute the equivalent units of production for materials and conversion. 2. Compute the cost per equivalent unit for materials and conversion. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total. 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total. 5. Prepare a cost reconciliation report. Complete this question by entering your answers in the tabs below. Compute the equivalent units of production for materials and conversion for May. Equivalent units of production Materials Conversion Compute the cost per equivalent unit for materials and conversion for May. Note: Round your answers to 2 decimal places. Cost per equivalent unit Materials Conversion Compute the cost of ending work in process inventory for materials, conversion, and in total for May. Note: Round your intermediate calculations to 2 decimal places. Cost of ending work in process inventory Materials Conversion Total Compute the cost of units transferred out to the next department for materials, conversion, and in total for Ma Note: Round your intermediate calculations to 2 decimal places. Cost of units completed and transferred out Materials Conversion Total Prepare a cost reconciliation report for May. Note: Round your intermediate calculations to 2 decimal places. Costs to be accounted for: Cost Reconciliation Total cost to be accounted for Costs accounted for as follows: Total cost accounted for +
Builder Products, Incorporated, uses the weighted-average method of process costing. 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 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 Required: 79,000 440,000 ? 39,000 $ 100,200 $ 12,100 $ 521,085 $ 66,260 For May: 1. Compute the equivalent units of production for materials and conversion. 2. Compute the cost per equivalent unit for materials and conversion. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total. 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total. 5. Prepare a cost reconciliation report. Complete this question by entering your answers in the tabs below. Compute the equivalent units of production for materials and conversion for May. Equivalent units of production Materials Conversion Compute the cost per equivalent unit for materials and conversion for May. Note: Round your answers to 2 decimal places. Cost per equivalent unit Materials Conversion Compute the cost of ending work in process inventory for materials, conversion, and in total for May. Note: Round your intermediate calculations to 2 decimal places. Cost of ending work in process inventory Materials Conversion Total Compute the cost of units transferred out to the next department for materials, conversion, and in total for Ma Note: Round your intermediate calculations to 2 decimal places. Cost of units completed and transferred out Materials Conversion Total Prepare a cost reconciliation report for May. Note: Round your intermediate calculations to 2 decimal places. Costs to be accounted for: Cost Reconciliation Total cost to be accounted for Costs accounted for as follows: Total cost accounted for +
Cornerstones of Cost Management (Cornerstones Series)
4th Edition
ISBN:9781305970663
Author:Don R. Hansen, Maryanne M. Mowen
Publisher:Don R. Hansen, Maryanne M. Mowen
Chapter6: Process Costing
Section: Chapter Questions
Problem 21E: Dama Company produces womens blouses and uses the FIFO method to account for its manufacturing...
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Question
Transcribed Image Text:Builder Products, Incorporated, uses the weighted-average method of process costing. 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 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
Required:
79,000
440,000
?
39,000
$ 100,200
$ 12,100
$ 521,085
$ 66,260
For May:
1. Compute the equivalent units of production for materials and conversion.
2. Compute the cost per equivalent unit for materials and conversion.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total.
5. Prepare a cost reconciliation report.
Complete this question by entering your answers in the tabs below.
Compute the equivalent units of production for materials and conversion for May.
Equivalent units of production
Materials
Conversion
Compute the cost per equivalent unit for materials and conversion for May.
Note: Round your answers to 2 decimal places.
Cost per equivalent unit
Materials
Conversion
Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
Note: Round your intermediate calculations to 2 decimal places.
Cost of ending work in process inventory
Materials
Conversion
Total
Compute the cost of units transferred out to the next department for materials, conversion, and in total for Ma
Note: Round your intermediate calculations to 2 decimal places.
Cost of units completed and transferred out
Materials
Conversion
Total
Prepare a cost reconciliation report for May.
Note: Round your intermediate calculations to 2 decimal places.
Costs to be accounted for:
Cost Reconciliation
Total cost to be accounted for
Costs accounted for as follows:
Total cost accounted for
+
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