Question
Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a...
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: 86,000 510,000 Production data Pounds in process, May 1: materials 100% complete; conversion 90 complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 705 complete conversion 301 complete Cost data: Work in process inventory, May 11 Materials cost Conversion cost Cost added during May Materials cost Conversion cost 55.000 $ 98,200 $ 62,600 $510,275 $344,375 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.
Answers
3 Cost of Ending work in Progren Ending wip & 40425 38500X1.05 16500X $0.73 $ 12045 Material Conversion Total cost of Ending WIP $52,470 (541000x$1.05) (541000X $0.73) 4) Cost of goods transfered out Units completed and tof ou Material $ 5,6 8,050 Convasion $394930 Total cost of units $962980 completa & tof out Cost Reconciliation Report Cost of beginning will Cost added to proan during period Total cost to be awunted for 5) $ 160800 $854650 the $1015450 1 $ 962980 $ 52470 Cost amounted for Cost of units completed & Toolout Cost of ending work in procen Total cost of to be anounted for $1015430Conversion 1) Equivalent uits for Material and conversion cost Equivalent une units to be amounted for Physical unch Matuial Units completed & tot out 541000 54100o Work 55000 38500 596000 579500 55 7500 541000 16500 Ending work in Procen Total units Ments completed and transfered out = - Beginning WIP + Started into production Ending wil 86000 + 570000 550oo 541000 Ending WIP - uunds us and WIP & Percentage compect Materials conversion 55000 X 70% 55000 x 30 %. 2 Cost per Equivalent Uno Material conversion Total $ 98200 $ 62600 $ 160800 $344,375 $854650 month $5,10,275 $ 608475 $406975 $1015450 Cost to be accounted for: Beginning WIP cost added during Total cost (A) Equivalent units (B) Cost per unit (A/B) 579500 557500 1.05 0.73Method. Production report using Weighted Average Physical units : Units to be amounted for Beginning Work in procen Started into production Total unchs amounted for 86,000 (Given) 510000 (Givend 596000
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