Builder Products, Inc. manufactures a caulking compound that goes through the processing stages prior to completion Information on work in the first department cooking, is given below for May 13,100 111,000 101,000 1 Production data it in proces, May 1: 1044 complete set materia complete sets tabour and overhead mit started into production during my this completed and the Dite in process. May not complete te med 10 complete to labour and overhead Coat datas sek-in-process thantory, May 10 Hatecout Labor cost Ovechado Costur My Katiale cont Labour con Overhead cont 2.050 2.0 5.00 163,000 24,000 71,200 Materials are added at several stages during the cooking process, whereas tabour 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 throe steps in preparing your report 1. Prepare a quantity schedule and a computation of equivalent units. Quantity Sched Worn process, Suned to production Totale 15.100 111 000 124,100 Lanthi Duhe Unte Udfors Tanned out W process, Total de fun 11.00 25.100 12.100 101.000 15.00 116.00 101000 3620 10.000 101 5,000 100.000 2. Compte the costs per equivalent unit for the month found your answers to decimal places) Materiale Labour Over 1 1405 02175 0720 Cor que 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 15,100 111,000 101.000 2 Production data Units in process, May 1: 100% complete as to materials and on complete as to Labour and overhead Units started into production during May Units completed and transferred out Units in process, May 311 601 complete as to materials and 201 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 $ 2,050 2,480 6.100 162.000 24,500 71,200 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 15,100 111,000 126,100 2. Compute the costs per equivalent unit for the month. (Round your answers to 3 decimal places.) Labour Materials $ 1.4131 Overhead 0.2575 0.729 Costs per equivalent unit 3 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 5101 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 $ 242 299 101.000 101.000 101,000 15.060 Cost accounted for as follows Transferred out Work in process, May 31 Materials Labour Overhead Total work in process Total cost 5.020 21.280 1 200 3,660 26.230 $ 268,529 5,020 B 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 15,100 111.000 126.100 Equivalent Units (EU) Materials Labour Overhead Units 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 15.100 101,000 25.100 141,200 3.020 101.000 15.060 119,000 0 101.000 5.020 100,020 0 101000 5,020 106,020 Materials Labour Overhead $ 1.3787 $ 0.257 $ 0.729 Costs per equivalent unit Cost Reconciliation Note: There is difference of "$101" 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 $ 10,630 4,162 3,020 0 0 0 4,162 238,764 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 Total cost Cost transferred out, May 31 101,000 101.000 101.000 15.050 5,020 5,020 20,753 1,290 1,290 23,333 $ 276.889 $ 253,558