I'm having trouble with a lot of my managerial accounting work. See the question below:Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:Cost of beginning inventory Direct materials $9800 Conversion costs $16,480Costs added in Department 1: Direct materials$295,120 Direct labor$298,550 Manufacturing overhead$203,130$796,800Department 1 handled the following units during May:Units in process, May 1, 20192000Units started in Department 140,000Units transferred to Department 239,000Units in process, May 31, 20193000On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing.Required:I need to prepare the product cost report for Department 1 for May

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Description: I'm having trouble with a lot of my managerial accounting work. See the question below:Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:Cost of beginn

The costs have been divided into two parts-Materials and Conversion.Conversion cost includes direct…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

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I'm having trouble with a lot of my managerial accounting work. See the question below:

Riley Manufacturing Corporation produces a cosmetic product in three consecutive processes. The costs of Department 1 for May 2019 were as follows:

Cost of beginning inventory
Direct materials		$9800
Conversion costs		$16,480
Costs added in Department 1:
Direct materials	$295,120
Direct labor	$298,550
Manufacturing overhead	$203,130	$796,800

Department 1 handled the following units during May:

Units in process, May 1, 2019	2000
Units started in Department 1	40,000
Units transferred to Department 2	39,000
Units in process, May 31, 2019	3000

On average, the May 1 units were 30% complete. The May 31 units were 60% complete. Materials are added at the beginning of the process, and conversion costs occur evenly throughout the process in Department 1. Riley uses the weighted average method for process costing.

Required:

I need to prepare the product cost report for Department 1 for May

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