A-1 Production data:Pounds in process, May 1; materials 100% complete;conversion 90% completePounds started into production during MayPounds completed and transferred outPounds in process, May 31; materials 80% complete;conversion 20% completeCost data:Work in process inventory, May 1:Materials costConversion costCost added during May:Materials costConversion costARequired 1 Required 2 Required 3 Required 4 Required 5Complete this question by entering your answers in the tabs below.Prepare a cost reconciliation report for May.Note: Round your intermediate calculations to 2 decimal places.Costs to be accounted for:Required: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.Cost Reconciliation65,000300,000?25,000$ 73,200$ 24,400$ 380,400$ 134,300

The equivalent units are calculated on the basis of the percentage of the work completed during the…

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 80% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 65,000 300,000 ? 25,000 $ 73,200 $ 24,400 $ 380,400 $ 134,300 Required: 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, 4. Compute the cost of units transferred out to the next department for materials, co 5. Prepare a cost reconciliation report.

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 80% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 65,000 300,000 ? 25,000 $ 73,200 $ 24,400 $ 380,400 $ 134,300 Required: 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, 4. Compute the cost of units transferred out to the next department for materials, co 5. Prepare a cost reconciliation report.

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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Question

A-1

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 80% complete;
conversion 20% complete
Cost data:
Work in process inventory, May 1:
Materials cost
Conversion cost
Cost added during May:
Materials cost
Conversion cost
A
Required 1 Required 2 Required 3 Required 4 Required 5
Complete this question by entering your answers in the tabs below.
Prepare a cost reconciliation report for May.
Note: Round your intermediate calculations to 2 decimal places.
Costs to be accounted for:
Required:
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.
Cost Reconciliation
65,000
300,000
?
25,000
$ 73,200
$ 24,400
$ 380,400
$ 134,300

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