Selected production and cost data of Carol's Engraving Co. follow for May2024: On May 31, the Mixing Department ending Work-in-Process Inventory was 65% complete for materials and 20% complete for conversion costs. The Heating Department ending Work-in-Process Inventory was 85% complete for materials and 40% complete for conversion costs. The company uses the weighted-average method. Mixing Department Heating Department Units to account for: Beginning work-in-process, April 30 24,000 8,000 Started in May 65,000 Transferred in during May 80,000 Total units to account for 89,000 88,000 Units accounted for: Completed and transferred out during May 80,000 72,000 Ending work-in-process, May 31 9,000 16,000 Total units accounted for 89,000 88,000 Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department. Complete the partial production cost report below for the Mixing Department, showing the equivalent units of production for direct materials and for conversion costs. Requirement 2. Compute the equivalent units of production for transferred in costs, direct materials, and conversion costs for the Heating Department. Complete the partial production cost report below for the Heating Department, showing the equivalent units of production for transferred incosts, direct materials and for conversion costs.

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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Selected production and cost data of Carol's Engraving Co. follow for

May2024: On May 31, the Mixing Department ending Work-in-Process Inventory was 65% complete for materials and 20% complete for conversion costs. The Heating Department ending Work-in-Process Inventory was 85%

complete for materials and 40% complete for conversion costs. The company uses the weighted-average method.

	Mixing Department	Heating Department
Units to account for:
Beginning work-in-process, April 30	24,000	8,000
Started in May	65,000
Transferred in during May		80,000
Total units to account for	89,000	88,000
Units accounted for:
Completed and transferred out during May	80,000	72,000
Ending work-in-process, May 31	9,000	16,000
Total units accounted for	89,000	88,000

Requirement 1. Compute the equivalent units of production for direct materials and for conversion costs for the Mixing Department. Complete the partial production cost report below for the Mixing Department, showing the equivalent units of production for direct materials and for conversion costs.

Requirement 2. Compute the equivalent units of production for transferred in costs, direct materials, and conversion costs for the Heating Department.

Complete the partial production cost report below for the Heating
Department, showing the equivalent units of production for transferred incosts, direct materials and for conversion costs.

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