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The following data pertain to the Hercules Tire and Rubber Company for the month of May. Work in process, May 1 (in units) Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 (in units) Total equivalent units: direct material Total equivalent units: conversion Work in process, May 1: direct material Work in process, May 1: conversion Costs incurred during May: direct material Costs incurred during May: conversion Work in process, May 1: total cost Total costs incurred during May Total costs to account for Cost per equivalent unit: direct material Cost per equivalent unit: conversion Total cost per equivalent unit Cost of goods completed and transferred out during May Cost remaining in ending work-in-process inventory: direct material Cost remaining in ending work-in-process inventory: conversion Total cost of May 31 work-in-process c. The May 1 work in process was 20 percent complete as to conversion. d. The May 31 work in process was 60 percent complete as to conversion. Required: Compute the missing amounts, and prepare the firm's May production report. Complete this question by entering your answers in the tabs below. Missing Values Equivalent Units Work in process, May 1 Costs incurred during May Cost per EU Calculate the cost per EU. Note: Round "Cost per equivalent unit" to 2 decimal places. Total costs to account for Equivalent units Costs per equivalent unit a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. b. Hercules uses weighted-average process costing. Analysis of Total Cost Direct Material $ $ Conversion 120,000 $ 525,000 645,000 $ 55,270 $ 823,000 878,270 $ $ Total 175,270 1,348,000 0 1,523,270 ? 0.00 60,000 75,000 ? 10,000 75,000 $ 120,000 ? ? 823,000 175,270 1,348,000 1,523,270 8.60 ? 20.97 ? ? 74,220 160,220

The following data pertain to the Hercules Tire and Rubber Company for the month of May. Work in process, May 1 (in units) Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 (in units) Total equivalent units: direct material Total equivalent units: conversion Work in process, May 1: direct material Work in process, May 1: conversion Costs incurred during May: direct material Costs incurred during May: conversion Work in process, May 1: total cost Total costs incurred during May Total costs to account for Cost per equivalent unit: direct material Cost per equivalent unit: conversion Total cost per equivalent unit Cost of goods completed and transferred out during May Cost remaining in ending work-in-process inventory: direct material Cost remaining in ending work-in-process inventory: conversion Total cost of May 31 work-in-process c. The May 1 work in process was 20 percent complete as to conversion. d. The May 31 work in process was 60 percent complete as to conversion. Required: Compute the missing amounts, and prepare the firm's May production report. Complete this question by entering your answers in the tabs below. Missing Values Equivalent Units Work in process, May 1 Costs incurred during May Cost per EU Calculate the cost per EU. Note: Round "Cost per equivalent unit" to 2 decimal places. Total costs to account for Equivalent units Costs per equivalent unit a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. b. Hercules uses weighted-average process costing. Analysis of Total Cost Direct Material $ $ Conversion 120,000 $ 525,000 645,000 $ 55,270 $ 823,000 878,270 $ $ Total 175,270 1,348,000 0 1,523,270 ? 0.00 60,000 75,000 ? 10,000 75,000 $ 120,000 ? ? 823,000 175,270 1,348,000 1,523,270 8.60 ? 20.97 ? ? 74,220 160,220

FINANCIAL ACCOUNTING
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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I'm looking for the pattern that needs to be entered for the worksheet.  Some of the answers come from a the blanks above - I have them - just need to know which items.  Seems that the total units can't be more than 75,000 but when I add in the end of month inventory the units seem to be higher.

The following data pertain to the Hercules Tire and Rubber Company for the month of May. Work in process, May 1 (in units) Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 (in units) Total equivalent units: direct material. Total equivalent units: conversion Work in process, May 1: direct material Work in process, May 1: conversion Costs incurred during May: direct material Costs incurred during May: conversion Work in process, May 1: total cost Total costs incurred during May Total costs to account for Cost per equivalent unit: direct material. Cost per equivalent unit: conversion Total cost per equivalent unit Cost of goods completed and transferred out during May Cost remaining in ending work-in-process inventory: direct material Cost remaining in ending work-in-process inventory: conversion Total cost of May 31 work-in-process Required: Compute the missing amounts, and prepare the firm's May production report. Complete this question by entering your answers in the tabs below. Missing Values Equivalent Units Work in process, May 1 Costs incurred during May Cost per EU Calculate the cost per EU. Note: Round "Cost per equivalent unit" to 2 decimal places. Total costs to account for Equivalent units Costs per equivalent unit a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. b. Hercules uses weighted-average process costing. c. The May 1 work in process was 20 percent complete as to conversion. d. The May 31 work in process was 60 percent complete as to conversion. Analysis of Total Cost Direct Material $ $ Conversion 120,000 $ 525,000 645,000 $ < Equivalent Units 55,270 $ 823,000 878,270 $ $ Total 175,270 1,348,000 0 1,523,270 0.00 ? Analysis of Total Cost > 60,000 75,000 ? 10,000 75,000 ? $ 120,000 ? ? 823,000 175, 270 1,348,000 1,523,270 8.60 ? 20.97 ? ? 74,220 160, 220 |
Transcribed Image Text:The following data pertain to the Hercules Tire and Rubber Company for the month of May. Work in process, May 1 (in units) Units started during May Total units to account for Units completed and transferred out during May Work in process, May 31 (in units) Total equivalent units: direct material. Total equivalent units: conversion Work in process, May 1: direct material Work in process, May 1: conversion Costs incurred during May: direct material Costs incurred during May: conversion Work in process, May 1: total cost Total costs incurred during May Total costs to account for Cost per equivalent unit: direct material. Cost per equivalent unit: conversion Total cost per equivalent unit Cost of goods completed and transferred out during May Cost remaining in ending work-in-process inventory: direct material Cost remaining in ending work-in-process inventory: conversion Total cost of May 31 work-in-process Required: Compute the missing amounts, and prepare the firm's May production report. Complete this question by entering your answers in the tabs below. Missing Values Equivalent Units Work in process, May 1 Costs incurred during May Cost per EU Calculate the cost per EU. Note: Round "Cost per equivalent unit" to 2 decimal places. Total costs to account for Equivalent units Costs per equivalent unit a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process. b. Hercules uses weighted-average process costing. c. The May 1 work in process was 20 percent complete as to conversion. d. The May 31 work in process was 60 percent complete as to conversion. Analysis of Total Cost Direct Material $ $ Conversion 120,000 $ 525,000 645,000 $ < Equivalent Units 55,270 $ 823,000 878,270 $ $ Total 175,270 1,348,000 0 1,523,270 0.00 ? Analysis of Total Cost > 60,000 75,000 ? 10,000 75,000 ? $ 120,000 ? ? 823,000 175, 270 1,348,000 1,523,270 8.60 ? 20.97 ? ? 74,220 160, 220 |
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