3 Problem 5-16 (Algo) Comprehensive Problem-Weighted Average Method (L05-2, LO5-3, LO5-4, LO5-5) 2.5 point Builder Products, incorporated, 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 Book Print 75, eee 4ee,eee 2 35,000 Production data: Pounds in process, May 1; naterial: 100% complete conversion 9e% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May Materials cost Conversion cost $ 102,300 $ 45,600 $ 531,800 $ 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 Me 3 25 points ook 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 S 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 Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 5 Required 4 Mc Graw HITI 4 Problem 5-17 (Algo) Cost Flows (LO 5-1) 25 point Lubricants, Incorporated produces a special kind of grease that is widely used by race car drivers. The grease is produced In two processing departments-Refining and Blending Raw materials are introduced at various points in the Refining Department The following incomplete Work in Process account is available for the Refining Department for March Work in Process-Refining Department Debit Credit March 1 balance 31,600 Completed and transferred to Blending Materials 152,600 Direct labor 68,200 Overhead 474,00 March 31 balance ce The March 1 work in process inventory in the Refining Department consists of the following elements materials, 58100 direct labor. $3,400, and overhead. 520100 Costs incurred during March in the Blending Department were materials used, $45,000, direct labor, 516,300, and overhead cost applied to production, $116,000, 4 Overhead March 31 balance 474,000 5 The March 1 work in process inventory in the Refining Department consists of the following elements materiais, $8,100; direct labor, $3,400, and overhead, $20,100 Costs incurred during March in the Blending Department were materials used, $45.000, direct labor. $16,300; and overhead cost applied to production $116,000. Required: 1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March Key your entries to the items (a) through (a) below. Book Print References a. Raw materials used in production b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, $646,000 (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate e Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $652,000. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000 9. Completed units were sold on account. $1,340,000 The Cost of Goods Sold was $680,000 Check my work CLOUUI LUSIS Luu 4 c. Manufacturing overhead costs incurred for the entire factory, $646,000. (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate e Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $652,000 Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000 9. Completed units were sold on account, $1340,000 The Cost of Good Sold was $680,000 JO 2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March (The beginning balance in the Refining Department's Work in Process is given in the Taccount shown above) Raw materials $ 201,600 Work in process-Blending Department $ 41,000 Finished goods $ 17,000 Complete this question by entering your answers in the tabs below. Required: Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key y entries to the items (a) through () below. (If no entry is required for a transaction/event, select "No journal entry required in the Prev 4 of 4 Next 3 Problem 5-16 (Algo) Comprehensive Problem-Weighted Average Method (L05-2, LO5-3, LO5-4, LO5-5) 2.5 point Builder Products, incorporated, 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 Book Print 75, eee 4ee,eee 2 35,000 Production data: Pounds in process, May 1; naterial: 100% complete conversion 9e% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May Materials cost Conversion cost $ 102,300 $ 45,600 $ 531,800 $ 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 Me 3 25 points ook 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 S 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 Print References Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 5 Required 4 Mc Graw HITI 4 Problem 5-17 (Algo) Cost Flows (LO 5-1) 25 point Lubricants, Incorporated produces a special kind of grease that is widely used by race car drivers. The grease is produced In two processing departments-Refining and Blending Raw materials are introduced at various points in the Refining Department The following incomplete Work in Process account is available for the Refining Department for March Work in Process-Refining Department Debit Credit March 1 balance 31,600 Completed and transferred to Blending Materials 152,600 Direct labor 68,200 Overhead 474,00 March 31 balance ce The March 1 work in process inventory in the Refining Department consists of the following elements materials, 58100 direct labor. $3,400, and overhead. 520100 Costs incurred during March in the Blending Department were materials used, $45,000, direct labor, 516,300, and overhead cost applied to production, $116,000, 4 Overhead March 31 balance 474,000 5 The March 1 work in process inventory in the Refining Department consists of the following elements materiais, $8,100; direct labor, $3,400, and overhead, $20,100 Costs incurred during March in the Blending Department were materials used, $45.000, direct labor. $16,300; and overhead cost applied to production $116,000. Required: 1. Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March Key your entries to the items (a) through (a) below. Book Print References a. Raw materials used in production b. Direct labor costs incurred. c. Manufacturing overhead costs incurred for the entire factory, $646,000 (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate e Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $652,000. Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000 9. Completed units were sold on account. $1,340,000 The Cost of Goods Sold was $680,000 Check my work CLOUUI LUSIS Luu 4 c. Manufacturing overhead costs incurred for the entire factory, $646,000. (Credit Accounts Payable) d. Manufacturing overhead was applied to production using a predetermined overhead rate e Units that were complete with respect to processing in the Refining Department were transferred to the Blending Department, $652,000 Units that were complete with respect to processing in the Blending Department were transferred to Finished Goods, $720,000 9. Completed units were sold on account, $1340,000 The Cost of Good Sold was $680,000 JO 2. Post the journal entries from (1) above to T-accounts. The following account balances existed at the beginning of March (The beginning balance in the Refining Department's Work in Process is given in the Taccount shown above) Raw materials $ 201,600 Work in process-Blending Department $ 41,000 Finished goods $ 17,000 Complete this question by entering your answers in the tabs below. Required: Required 2 Prepare journal entries to record the costs incurred in both the Refining Department and Blending Department during March. Key y entries to the items (a) through () below. (If no entry is required for a transaction/event, select "No journal entry required in the Prev 4 of 4 Next