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 |
62,000 | |
| Pounds started into production during May | 270,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 70% complete; conversion 30% complete |
22,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 55,100 |
| Conversion cost | $ | 26,800 |
| Cost added during May: | ||
| Materials cost | $ | 286,570 |
| Conversion cost | $ | 147,330 |
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 |
76,000 | |
| Pounds started into production during May | 410,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 60% complete; conversion 40% complete |
36,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 117,900 |
| Conversion cost | $ | 53,600 |
| Cost added during May: | ||
| Materials cost | $ | 613,080 |
| Conversion cost | $ | 294,700 |
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 |
63,000 | |
| Pounds started into production during May | 280,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 75% complete; conversion 25% complete |
23,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 67,500 |
| Conversion cost | $ | 29,100 |
| Cost added during May: | ||
| Materials cost | $ | 350,690 |
| Conversion cost | $ | 159,835 |
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 |
60,000 | |
| Pounds started into production during May | 250,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31;
materials 60% complete; conversion 40% complete |
20,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 59,000 |
| Conversion cost | $ | 23,400 |
| Cost added during May: | ||
| Materials cost | $ | 306,420 |
| Conversion cost | $ | 128,580 |
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 63,000 Pounds started into production during May 280,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 75% complete; conversion 25% complete 23,000 Cost data: Work in process inventory, May 1: Materials cost $ 67,500 Conversion cost $ 29,100 Cost added during May: Materials cost $ 350,690 Conversion cost $ 159,835 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 |
63,000 | |
| Pounds started into production during May | 280,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31; materials 75% complete; conversion 25% complete |
23,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 67,500 |
| Conversion cost | $ | 29,100 |
| Cost added during May: | ||
| Materials cost | $ | 350,690 |
| Conversion cost | $ | 159,835 |
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 83,000 Pounds started into production during May 480,000 Pounds completed and transferred out ? Pounds in process, May 31; materials 75% complete; conversion 25% complete 43,000 Cost data: Work in process inventory, May 1: Materials cost $ 128,300 Conversion cost $ 53,900 Cost added during May: Materials cost $ 666,940 Conversion cost $ 296,395 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
75,000
Pounds started into production during May
400,000
Pounds completed and transferred out
?
Pounds in process, May 31; materials 75% complete;
conversion 25% complete
35,000
Cost data:
Work in process inventory, May 1:
Materials cost $ 102,300
Conversion cost $ 45,600
Cost added during May:
Materials cost $ 531,800
Conversion cost $ 250,575
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 |
73,000 | |
| Pounds started into production during May | 380,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31; materials 80% complete; conversion 20% complete |
33,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 111,600 |
| Conversion cost | $ | 55,800 |
| Cost added during May: | ||
| Materials cost | $ | 580,320 |
| Conversion cost | $ | 306,810 |
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