The following data pertain to the Hercules Tire and Rubber Company for the month of May.

Additional Information:

a. Direct material is added at the beginning of the production process, and conversion activity occurs uniformly throughout the process.

b. Hercules uses weighted-average process costing.

c. The May 1 work in process was 20 percent complete as to conversion.

d. The May 31 work in process was 60 percent complete as to conversion.
Required: Compute the missing amounts, and prepare the firm’s May production report.

Transcribed Image Text:

Work in process, May 1 (in units) Units started during May Total units to account for. Units completed and transferred out during May Work in process, May 31 (in units)...... ? 60,000 75,000 Total equivalent units: direct material Total equivalent units: conversion Work in process, May 1: direct material Work in process, May 1: conversion Costs incurred during May: direct material Costs incurred during May: conversion Work in process, May 1: total cost. Total costs incurred during May. Total costs to account for Cost per equivalent unit: direct material. Cost per equivalent unit: conversion Total cost per equivalent un......... Cost of goods completed and transferred out during May Cost remaining in ending work-in-process inventory: direct material Cost remaining in ending work-in-process inventory: conversion Total cost of May 31 work-in-process ? 10,000 75,000 ? $135,000 ? ? 832,250 172,500 1,402,250 1,574,750 9.40 ? 21.65 ? ? 73,500 167,500