8:06Problem 6-11 The WireOne Company manufactureshigh-quality coated electrical wire in two departments,Weaving and Coating. Materials are introduced at variouspoints during work in the Weaving Department. After theweaving is completed, the materials are transferred into theCoating Department, where specialty plastic coating isapplied. Selected data relating to the Weaving Departmentduring May are given below:Production data:Kilograms in process, May 1 (materials 100% complete; conversion 80% complete).Kilograms started into production during MayKilograms completed and transferred to CoatingKilograms in process, May 31 (materials 658 complete; conversion 30% complete).Cost data:Work in process inventory, May 1:Materials costConversion costCost added during May:Materials costConversion cost.Equivalent units of productionThe company uses the weighted-average method.1. Compute the equivalent units of production.Cost of ending work in process inventoryCost of units completed and transferred outMaterials ConversionCost ReconciliationCosts to be accounted for:Cost of beginning work in process inventoryCosts added to production during the periodTotal costCosts accounted for as follows:Transferred to the Coating DepartmentWork in process, May 31MaterialsConversionCompute the costs per equivalent unit for May. (Round your answers to 2 decimal places.)Total ending Work in processTotal costCost per equivalent unit3. Determine the cost of ending work in process inventory and of the units transferred to the Coating Department.(Round intermediate calculations to 2 decimal places, and final answers to the nearest whole dollar.)$8+Materials$Materials Conversion000$$88,000402,0004. Prepare a cost reconciliation between the costs determined in (3) above and the cost of beginning inventory andcosts added during the period. (Round intermediate calculations to 2 decimal places, and final answers to the nearestwhole dollar.)?69,000Total$ 62,480$ 93,28000$645,612$392,590Conversion

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Production data: Kilograms in process, May 1 (materials 100% complete; conversion 80% complete) Kilograms started into production during May Kilograms completed and transferred to Coating Kilograms in process, May 31 (materials 65% complete; conversion 30% complete) Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 88,000 402,000 ? 69,000 $ 62,480 $ 93,280 $645,612 $392,590 The company uses the weighted-average method.

Production data: Kilograms in process, May 1 (materials 100% complete; conversion 80% complete) Kilograms started into production during May Kilograms completed and transferred to Coating Kilograms in process, May 31 (materials 65% complete; conversion 30% complete) Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 88,000 402,000 ? 69,000 $ 62,480 $ 93,280 $645,612 $392,590 The company uses the weighted-average method.

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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