Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans) Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows: E (Click the icon to view the data from May.) Data Table Read the requirements Month Ended May 31 Direct Conversion Total Gallons COSTS Materials Costs Costs Beginning Work-in-Process Inventory O gallons Costs to account for: Started in production 8,500 gallons Beginning work-in-process 24 Completed and transferred out to Packaging in May 6,500 gallons Costs added during the period 5,525 4,047 9,572 Ending Work-in-Process Inventory (30% of the way through the blending process) Total costs to account for %24 5,525 $ 4,047 $ 9,572 2,000 gallons Divided by: Total EUP 8,500 7,100 Costs %24 0.65 $ 0.57 Beginning Work-in-Process Inventory 2$ Cost per equivalent unit Costs added during May: Costs accounted for: Direct materials 5,525 Direct labor 1,500 2,547 Manufacturing overhead allocated Total costs accounted for 24 9,572 Total costs added during May
Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans) Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows: E (Click the icon to view the data from May.) Data Table Read the requirements Month Ended May 31 Direct Conversion Total Gallons COSTS Materials Costs Costs Beginning Work-in-Process Inventory O gallons Costs to account for: Started in production 8,500 gallons Beginning work-in-process 24 Completed and transferred out to Packaging in May 6,500 gallons Costs added during the period 5,525 4,047 9,572 Ending Work-in-Process Inventory (30% of the way through the blending process) Total costs to account for %24 5,525 $ 4,047 $ 9,572 2,000 gallons Divided by: Total EUP 8,500 7,100 Costs %24 0.65 $ 0.57 Beginning Work-in-Process Inventory 2$ Cost per equivalent unit Costs added during May: Costs accounted for: Direct materials 5,525 Direct labor 1,500 2,547 Manufacturing overhead allocated Total costs accounted for 24 9,572 Total costs added during May
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 3, Part 3. Please complete blank sections in same form as question
Transcribed Image Text:Color Explosion prepares and packages paint products. Color Explosion has two departments: Blending and Packaging. Direct materials are added at the beginning of the blending process (dyes) and at the end of the packaging process (cans).
Conversion costs are added evenly throughout each process. The company uses the weighted-average method. Data from the month of May for the Blending Department are as follows:
E (Click the icon to view the data from May.)
Data Table
Read the requirements.
Month Ended May 31
Direct
Conversion
Total
Gallons
COSTS
Materials
Costs
Costs
Beginning Work-in-Process Inventory
O gallons
Costs to account for:
Started in production
8,500 gallons
Beginning work-in-process
$
O $
O $
Completed and transferred out to Packaging in May
6,500 gallons
Costs added during the period
5,525
4,047
9,572
Ending Work-in-Process Inventory (30% of the way
through the blending process)
Total costs to account for
5,525 $
4,047 $
9,572
2,000 gallons
Divided by: Total EUP
8,500
7,100
Costs
$
0.65 $
0.57
Beginning Work-in-Process Inventory
$
Cost per equivalent unit
Costs added during May:
Costs accounted for:
Direct materials
5,525
Direct labor
1,500
Manufacturing overhead allocated
2,547
Total costs accounted for
9,572
Total costs added during May
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