Please answer completely and correctly for all parts with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation for all parts answer in text form The WireOne Company manufactures high-quality coated electrical wire in two departments, Weaving and Coating Materials areIntroduced at various points during work in the Weaving Department. After the weaving is completed, the materials are transferred intothe Coating Department, where specialty plastic coating is applied.Selected data relating to the Weaving Department during 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 65% complete; conversion 30% complete)Cost data:Work in process inventory, May 1:Materials costConversion costCost added during May:Materials costConversion costThe company uses the weighted-average method.Required:1. Compute the equivalent units of production.MaterialsMaterials507 400Equivalent units of production2. Compute the costs per equivalent unit for May. (Round your answers to 2 decimal places.)Cost of ending work in process inventoryCost of units completed and transferred outConversion484,300ConversionMaterialsConversionCost per equivalent unit3. Determine the cost of ending work in process inventory and of the units transferred to the Coating Department. (Roundintermediate calculations to 2 decimal places, and final answers to the nearest whole dollar.)$D$Total0106,500424,000766,0000$ 80,940$123,540$715,678$457,6204. Prepare a cost reconciliation between the costs determined in (3) above and the cost of beginning inventory and costs addedduring the period. (Round intermediate calculations to 2 decimal places, and final answers to the nearest whole dollar)Cost ReconciliationCosts to be accounted forCost 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 31MaterialsConversionTotal ending Work in processTotal cost$$000

Name: Please answer completely and correctly for all parts with explanation
Uploaded: 2024-03-20T06:32:49.000Z
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Description: Please answer completely and correctly for all parts with explanation computation formula steps answer in text no copy paste show explanation and computation clearly for numbers provide full working for all steps with explanation for all parts answ

The cost reconciliation statement in process costing is prepared to match the costs incurred during…

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The WireOne Company manufactures high-quality coated electrical wire in two departments, Weaving and Coating Materials are Introduced at various points during work in the Weaving Department. After the weaving is completed, the materials are transferred into the Coating Department, where specialty plastic coating is applied. Selected data relating to the Weaving Department during May are given below. Production data: Kilograms in process, May 1 (materials 100% complete; conversion 80% complete) Kilograns 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 The company uses the weighted-average method. Required: 1. Compute the equivalent units of production. Cost per equivalent unit Materials 507 400 Equivalent units of production 2. Compute the costs per equivalent unit for May. (Round your answers to 2 decimal places) Materials Conversion Conversion 484 300 Cost of ending work in process inventory Materials Conversion 3. 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) S S 106,500 424,000 Total 66,000 $ 10,900 $123,540 $715,678 $457,629 4. Prepare a cost reconciliation between the costs determined in (3) above and the cost of beginning inventory and costs added during the period. (Round intermediate calculations to 2 decimal places, and final answers to the nearest whole dollar) Cost Reconciliation Costs to be accounted for Cost of beginning work in process inventory Costs added to production during the period Total cost Costs accounted for as follows Transferred to the Coating Department Work in process, May 31 Materials Conversion Total ending Work in process Total cost S $ 0 0 0