Question
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
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:
Production data: | ||
Pounds in process, May 1; materials 100% complete; conversion 90% complete | 71,000 | |
Pounds started into production during May | 360,000 | |
Pounds completed and transferred out | ? | |
Pounds in process, May 31: materials 75% complete; conversion 25% complete | 31,000 | |
Cost data: | ||
Work in process inventory, May 1: | ||
Materials cost | $ | 90,100 |
Conversion cost | $ | 46,400 |
Cost added during May: | ||
Materials cost | $ | 468,590 |
Conversion cost | $ | 255,335 |
|
The company uses the weighted-average method. |
Required: |
1. | Compute the equivalent units of production. |
2. | Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.) |
3. | Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Round your intermediate calculation to 2 decimal places.) |
4. | Prepare a cost reconciliation report for the month. (Round your intermediate calculations to 2 decimal places.) |
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