Assignment #1 - DUE OCT 29 0 Seved Help Save & Exit Submit 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: 15,500 115,000 105,000 ? Production data: Units in process, May 1: 100# complete as to materials and 80s complete as to labour and overhead Units started into praduction during May Units completed and transferred out Units in process, May 31: 60% 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 cast Cost added during May: Materials cost Labour cost Overhead cost $ 2,250 2,800 6,500 170,000 28,DDD 76,000 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 15,500 Units to be accounted for: Units brought into production and fully completed during the month Started into production Total units 115,000 130,500 Equivalent Units (EU) Units Materials Labour Overhead Units accounted for as follows: Total units and equivalent units of production 0 0 0 0 2. Compute the costs per equivalent unit for the month. (Round your answers to 3 decimal places.) Materials Labour Overhead Costs per equivalent unit 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 $13" 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: Work in process, May 31: Total work in process 0 Total cost $ 0 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: 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 "O" 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: Total units 0 Equivalent Units (EU) Materials Labour Overhead Units Units accounted for as follows: Total units and equivalent units of production 01 0 01 0 Cost per Equivalent Unit Materials Labour Overhead Costs per equivalent unit Cost Reconciliation Note: There is difference of $13" 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 $ 11,550 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 Total 0 To partially complete units in Work in Process, May 31 Total 0 T 44 CEO
