Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete 85,000 Pounds started into production during May 500,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 80% complete; conversion 20% complete 45,000 Cost data: Work in process inventory, May 1: Materials cost $ 135,700 Conversion cost $ 22,000 Cost added during May: Materials cost $ 705,260 Conversion cost $ 120,740 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May. 5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | ||
| Pounds in process, May 1; materials 100% complete; conversion 90% complete |
89,000 | |
| Pounds started into production during May | 540,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31; materials 80% complete; conversion 20% complete |
60,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 124,400 |
| Conversion cost | $ | 61,700 |
| Cost added during May: | ||
| Materials cost | $ | 646,850 |
| Conversion cost | $ | 339,190 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting
Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | ||
| Pounds in process, May 1; materials 100% complete; conversion 90% complete |
81,000 | |
| Pounds started into production during May | 460,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31; materials 80% complete; conversion 20% complete |
55,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 158,200 |
| Conversion cost | $ | 50,500 |
| Cost added during May: | ||
| Materials cost | $ | 822,300 |
| Conversion cost | $ | 277,520 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | ||
| Pounds in process, May 1;
materials 100% complete; conversion 90% complete |
65,000 | |
| Pounds started into production during May | 300,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 80% complete; conversion 20% complete |
25,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 73,200 |
| Conversion cost | $ | 24,400 |
| Cost added during May: | ||
| Materials cost | $ | 380,400 |
| Conversion cost | $ | 134,300 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete 80,000 Pounds started into production during May 450,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 60% complete; conversion 40% complete 40,000 Cost data: Work in process inventory, May 1: Materials cost $ 116,900 Conversion cost $ 35,800 Cost added during May: Materials cost $ 607,840 Conversion cost $ 196,960 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May. 5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | ||
| Pounds in process, May 1;
materials 100% complete; conversion 90% complete |
87,000 | |
| Pounds started into production during May | 520,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 75% complete; conversion 25% complete |
47,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 142,100 |
| Conversion cost | $ | 63,300 |
| Cost added during May: | ||
| Materials cost | $ | 738,870 |
| Conversion cost | $ | 348,360 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May: Production data: Pounds in process, May 1; materials 100% complete; conversion 90% complete 84,000 Pounds started into production during May 490,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 60% complete; conversion 40% complete 44,000 Cost data: Work in process inventory, May 1: Materials cost $ 130,200 Conversion cost $ 21,100 Cost added during May: Materials cost $ 676,580 Conversion cost $ 115,800 Required: 1. Compute the equivalent units of production for materials and conversion for May. 2. Compute the cost per equivalent unit for materials and conversion for May. 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May. 5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | ||
| Pounds in process, May 1;
materials 100% complete; conversion 90% complete |
87,000 | |
| Pounds started into production during May | 520,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 75% complete; conversion 25% complete |
47,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 142,100 |
| Conversion cost | $ | 63,300 |
| Cost added during May: | ||
| Materials cost | $ | 738,870 |
| Conversion cost | $ | 348,360 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | ||
| Pounds in process, May 1;
materials 100% complete; conversion 90% complete |
84,000 | |
| Pounds started into production during May | 490,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 60% complete; conversion 40% complete |
44,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 130,200 |
| Conversion cost | $ | 21,100 |
| Cost added during May: | ||
| Materials cost | $ | 676,580 |
| Conversion cost | $ | 115,800 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in the first department, Cooking, is given below for May:
| Production data: | |
| Pounds in process, May 1; materials 100% complete; conversion 90% complete |
71,000 |
| Pounds started into production during May | 360,000 |
| Pounds completed and transferred out | |
| Pounds in process, May 31; materials 75% complete; conversion 25% complete |
31,000 |
| Cost data: | |
| Work in process inventory, May 1: | |
| Materials cost | 90,100 |
| Conversion cost | 46,400 |
| Cost added during May: | |
| Materials cost | 468,590 |
| Conversion cost | 255,335 |
Required:
1. Compute the equivalent units of production for materials and conversion for May.
2. Compute the cost per equivalent unit for materials and conversion for May.
3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May.
4. Compute the cost of units transferred out to the next department for materials, conversion, and in total for May.
5. Prepare a cost reconciliation report for May.
In: Accounting