In: Accounting
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 | 451,950 | Completed and transferred to the Mixing Department |
? |
Materials | 570,560 | ||
Conversion | 296,232 | ||
Inventory, May 31 | ? |
The May 1 work in process inventory consisted of 131,000 pounds with $279,030 in materials cost and $172,920 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, 240,000 pounds were started into production. The May 31 inventory consisted of 113,000 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:
3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May.
I Just need number 3 answered. Thank you for your help.
Working Tables:(in weighted average method no distinction between the Opening WIP posrtion with current period portion is made.Open Cost along with period cost are consolidated and allocated to equivalent units)
LEDGER COMPLETED