Weston Products manufactures an Industrial cleaning compound that goes through three processing departments-grinding, mixing and cooking. All raw materials are introduced at the start of work in the grinding department, with conversion costs being incurred evenly throughout the grinding process. The work-in-process T-account for the grinding department for May follows: Inventory, May 1 (23,600 kg, 1/3 processed) May costs added: Raw materials (178,000 kg) Labour and overhead Inventory, May 31 (20,400 kg, 2/3 processed) Cost Reconciliation Work in Process-Grinding Department Cost accounted for as follows: Transferred to mixing Work in process, May 31: Materials Labour and overhead Total work in process Total cost $38,500 Total Cost 190,400 328,800 The May 1 work-in-process Inventory consists of $25,600 in materials cost and $12,900 in labour and overhead cost. The company uses the weighted average cost method to account for units and costs. $? Completed and transferred to mixing (? kg) Equivalent Units (EU) Labour & Overhead Materials

Weston Products manufactures an Industrial cleaning compound that goes through three processing departments-grinding, mixing and cooking. All raw materials are introduced at the start of work in the grinding department, with conversion costs being incurred evenly throughout the grinding process. The work-in-process T-account for the grinding department for May follows: Inventory, May 1 (23,600 kg, 1/3 processed) May costs added: Raw materials (178,000 kg) Labour and overhead Inventory, May 31 (20,400 kg, 2/3 processed) Cost Reconciliation Work in Process-Grinding Department Cost accounted for as follows: Transferred to mixing Work in process, May 31: Materials Labour and overhead Total work in process Total cost $38,500 Total Cost 190,400 328,800 The May 1 work-in-process Inventory consists of $25,600 in materials cost and $12,900 in labour and overhead cost. The company uses the weighted average cost method to account for units and costs. $? Completed and transferred to mixing (? kg) Equivalent Units (EU) Labour & Overhead Materials

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Description: Weston Products manufactures an Industrial cleaning compound that goes through three processing departments-grinding, mixing,and cooking. All raw materials are introduced at the start of work in the grinding department, with conversion costs being i

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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