3 Builder Products, Inc 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 15,400 114,00 104.000 2 Production data: Units in process, May 11 100% complete as to materials and BOX complete as to labour and overhead units started into production during May units completed and transferred out Units in process, May 31: X complete as to materials and 20% complete as to labour and overhead Cost data: Work-in-process inventory, May 11 Materials cost Labour cost Overhead cost Cost added during May Materials cost Labour cost Overhead cost $ 2.200 2.720 6,400 168,000 27,200 74,800 Materials are added at several stages during the cooking process, whereas labour and overhead costs are incurred uniformly. The company uses the weighted average cost method. The company combines labour and overhead into a single cost category- conversion cost Required: Prepare a production report for the cooking department for May Use the following three steps in preparing your report 1. Prepare a quantity schedule and a computation of equivalent units Quantity Schedule Units to be accounted for Work in process May 1 Started into production Total units 15.400 114 000 129 400 Equivalent Units (EU) Materials Labour Overhead Units Units accounted for as follows Transferred out Work in process, May 31 Total units and equivalent units of production 104.000 25.400 129.400 104 000 15 240 119,240 104.000 5,080 109.080 104,000 5,080 109080 2. Compute the costs per equivalent unit for the month (Round your answers to 3 decimal places.) Costs per equivalent unit Materials Labour Overhend 1.427 02745 0.744 3. Using the data from parts (1) and (2).prepare a cost reconciliation (Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Note: There is difference of $122" in both the values due to rounding and we feel a note which reads: "Due to rounding your "Cost accounted for may not be equal to "Cost to account for Equivalent Units (EU) Materials Labour Overhead Total Cost Cost accounted for as follows Transferred out Work in process. May 31 $ 254 280 104,000 104,000 104.000 Pro 25 11: Nav ant #1 - DUE OCT 29 0 Saved 3. Using the data from parts (1) and (2). prepare a cost reconciliation (Round "Cost per equivalent unit" to 3 decimal places ond the rest to the nearest dollor amount.) Note: There is difference of $122" in both the values due to rounding and we feel a note which reads "Due to rounding your "Cost accounted for may not be equal to "Cost to account for** Equivalent Units (EU) Materials Labour Overhead Total Cost $ 254 280 104000 104 000 104.000 15 240 Cost accounted for as follows Transferred out Work in process, May 31 Materials Labour Overhead Total work in process Total cost 5.080 21,747 1412 3.780 26 939 $ 281 219 5,080 4. Prepare a production report for the cooking department for May. Assuming the company uses the FIFO method. Follow parts (1) to (3) (Leave no cells blank, enter "0" wherever required. Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount) Quantity Schedule and Equivalent Units Quantity Schedule Units to be accounted for Work in process. May 1 Started into production Total units 15.400 114,000 129.400 nt #1 - DUE OCT 29 Saved Equivalent Units (EU) Materials Labour Overhead Units 0 Units accounted for as follows Work in process, May 1 Units brought into production and fully completed during the month Work in process May 31 Total units and equivalent units of production 15.400 104.000 25.400 144.800 3.080 104.000 152401 122 320 104 000 5.080 109 080 104,000 5.080 109,080 Cost per Equivalent Unit Costs per equivalent unit Materials Labour Overhead $ 13735 0.2745 0744 Cost Reconciliation Note: There is difference of $122" in both the values due to rounding and we feel a note which reads: "Due to rounding your "Cost accounted for may not be equal to "Cost to account for Equivalent Units (EU) Materials Labour Overhead Total Cost $ 11,320 Cost accounted for as follows Prior period cost in Work in Process May 1 Cost incurred during May To complete units in Work In Process May 1 Cost per Equivalent Unit Materials Labour Overhead $ 1 373 5 0274 0.744 Costs per equivalent unit Cost Reconciliation Note There is difference of "$122" in both the values due to rounding and we feel a note which reads: "Due to rounding your "Cost accounted for may not be equal to "Cost to account for" Equivalent Units (EU) Materials Labour Overhead Total Cost $ 11,320 3,080 4284 0 Cost accounted for as follows Prior period cost in Work in Process, May 1 Cost incurred during May To complete units in Work in Process May 1 Materials Labour Overhead Total To bring into production and fully complete To partially complete units in Work in Process May 31 Materials Labour Overhead Total 4,284 250,536 104.000 104.000 104.000 15.400 5.080 5.080 21 421 1,392 3.780 26,593 $ 292 733 5 266 140 Total cost Cost transferred out, May 31