Required 1. Piecarea production cost reoort for May using the weighteoeenge menod. (Round "Cost per EU" answers to 2 desimal plaoes. Carcon Paint Company Produotion Cost Report - May Production information Physio Units Direot Meterais Conversion Guantity Recap: Physloal Units Input Beginning WP Unts stated or Tens-in Ta unsto ccount for Output Unts frished or Tars-out Nome soolnge Aanamai sooinge Ending WP Ta uns ccoumed for Equivaent Units: Weighted-Avenge Mers Conesion Cost Added Direot Materiais Conversion Tota Beginning WP Curent costs Teta Dvde by eueient unts WTAO Cost per e et unit Cost ummary: Weighted-Avernge Method Fnsred goods Goad producion Nom spoage Aanome sooinge unts unts unts Ending WP unts Dret meters Convesion Tota cost sccounted for
Required 1. Piecarea production cost reoort for May using the weighteoeenge menod. (Round "Cost per EU" answers to 2 desimal plaoes. Carcon Paint Company Produotion Cost Report - May Production information Physio Units Direot Meterais Conversion Guantity Recap: Physloal Units Input Beginning WP Unts stated or Tens-in Ta unsto ccount for Output Unts frished or Tars-out Nome soolnge Aanamai sooinge Ending WP Ta uns ccoumed for Equivaent Units: Weighted-Avenge Mers Conesion Cost Added Direot Materiais Conversion Tota Beginning WP Curent costs Teta Dvde by eueient unts WTAO Cost per e et unit Cost ummary: Weighted-Avernge Method Fnsred goods Goad producion Nom spoage Aanome sooinge unts unts unts Ending WP unts Dret meters Convesion Tota cost sccounted for
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
![[The following Information applies to the questions displayed below.]
Carson Palnt Company, which manufactures quality palnt to sell at premlum prices, uses a single production department. Production begins by blending the varlous chemicals that are added at the beginning of the process and ends by filling the palnt cans. The gallon cans
then transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead Is applied at the rate of $3 per direct labor dollar. The company combines direct labor and overhead In comp
product cost.
Prior to May, when a change in the manufacturing process was Implemented, Work-In-Process Inventories were Insignificant. The changed manufacturing process, which has resulted in Increased equipment capacity, allows Increased production but also results In considera
amounts of Work-In-Process Inventory. Also, the company had 1,000 spolled gallons in May-one-half of which was normal spollage and the rest abnormal spollage. The product Is Inspected at the end of the production process.
These data relate to actual production during the month of May:.
Costs
Work-in-Process Inventory, May 1
$ 104,896
15.372
Direct materials
Direct labor
May costs added:
419.584
61,488
Direct materials
Direct labor
Units
Work-in-Process Inventory, May 1
2,000
30% complete as to conversion activity
100% complete as to direct materials
Sent to shipping department
Started in May
Work-in-Process Inventory, May 31
25,600
31,100
6.500
80% complete as to conversion activity
100% complete as to direct materials
Total spoilage (units), in May
* Spoilage considered normal
Stage of processing when spolage is detected
50%
100%](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2Fff673b95-0f20-484e-9a4e-6a2eb67500f0%2Fcca9ae71-8715-45b2-a5a8-1dbdfe0c8c71%2Fvl16g_processed.png&w=3840&q=75)
Transcribed Image Text:[The following Information applies to the questions displayed below.]
Carson Palnt Company, which manufactures quality palnt to sell at premlum prices, uses a single production department. Production begins by blending the varlous chemicals that are added at the beginning of the process and ends by filling the palnt cans. The gallon cans
then transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead Is applied at the rate of $3 per direct labor dollar. The company combines direct labor and overhead In comp
product cost.
Prior to May, when a change in the manufacturing process was Implemented, Work-In-Process Inventories were Insignificant. The changed manufacturing process, which has resulted in Increased equipment capacity, allows Increased production but also results In considera
amounts of Work-In-Process Inventory. Also, the company had 1,000 spolled gallons in May-one-half of which was normal spollage and the rest abnormal spollage. The product Is Inspected at the end of the production process.
These data relate to actual production during the month of May:.
Costs
Work-in-Process Inventory, May 1
$ 104,896
15.372
Direct materials
Direct labor
May costs added:
419.584
61,488
Direct materials
Direct labor
Units
Work-in-Process Inventory, May 1
2,000
30% complete as to conversion activity
100% complete as to direct materials
Sent to shipping department
Started in May
Work-in-Process Inventory, May 31
25,600
31,100
6.500
80% complete as to conversion activity
100% complete as to direct materials
Total spoilage (units), in May
* Spoilage considered normal
Stage of processing when spolage is detected
50%
100%
Transcribed Image Text:Required
1. Prepere a production cost report for May using the weighted-everege method. (Round "Cost per EU" answers to 2 deolimal places.)
Carcon Paint Oompany
Produotion Coet Report - May
Produotion Information
Phycloni Unts
Direot
Materiale
Conversion
Guantity Recap: Phycloal Units
Input
Beginning WP
Unts started or Trans-in
Total units to account for
Output
Unts finished cr Trans-cut
Nomai spolege
Abnamal spalage
Ending WIP
Total units acounted for
Equivalent Units: Weighted-Average
Materlels
Conversion
Cost Added
Direot Materials Convercion
Total
Eeginning WP
Curent costs
Total
Divide by equivelent units
WTAVG Cost per equivalent unit
0.00
Coct aummary: Weighted-Average Method
Finished goods
Good production
unts
Norma spoliage
unts
units
Abnamal spalage
Ending WIP
units
Direct materiais
Conversion
Total cost accounted for
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