Question

In: Accounting

Weston Products manufactures an industrial cleaning compound that goes through three processing departments—Grinding, Mixing, and Cooking....

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. The Work in Process T-account for the Grinding Department for May is given below: Work in Process—Grinding Department Inventory, May 1 446,160 Completed and transferred to the Mixing Department ? Materials 780,270 Conversion 383,590 Inventory, May 31 ? The May 1 work in process inventory consisted of 132,000 pounds with $297,000 in materials cost and $149,160 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 315,000 pounds were started into production. The May 31 inventory consisted of 52,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its process costing system. Required: 1. Compute the Grinding Department's equivalent units of production for materials and conversion in May. 2. Compute the Grinding Department's costs per equivalent unit for materials and conversion for May. 3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May.

Solutions

Expert Solution

Work in Process, Beginning 132000
Add: Pounds started during May 315000
Less: Ending inventory -52000
Units completed and transferred out 395000
1
Materials Conversion
Units completed and transferred out 395000 395000
Work in process, ending:
52000 X 100% 52000
52000 X 60% 31200
Equivalent units of production 447000 426200
2
Materials Conversion
Work in process, May 1 297000 149160
Cost added during May 780270 383590
Total costs 1077270 532750
Divide by Equivalent units of production 447000 426200
Cost per Equivalent unit 2.41 1.25
3
Materials Conversion Total
Work in process, ending units 52000 31200
X Cost per Equivalent unit 2.41 1.25
Cost of ending work in process inventory 125320 39000 164320
4
Materials Conversion Total
Units completed and transferred out 395000 395000
X Cost per Equivalent unit 2.41 1.25
Cost of Units completed and transferred out 951950 493750 1445700

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