Raindrop Company manufactures umbrellas and has the following information available for the month of May:

Required:

Using the weighted average method of process costing, complete each of the following steps:

1. Reconcile the number of physical units worked on during the period.

2. Calculate the number of equivalent units.

3. Calculate the cost per equivalent unit rounded to five decimal places.

4 Reconcile the total cost of work in process.

Transcribed Image Text:

Work in process, May 1 (100% complete for materials, 90% for conversion) Direct materials Conversion cost Number of units started May costs 72,000 units $129,000 $175,000 181,000 Direct materials $206,000 Conversion cost Work in process, May 31 $379,000 (100% complete for materials, 20% for conversion) 67,000 units