Question
Builder Products, Inc., uses the weighted-average method in its process costing system. It manufactures a caulking compound that goes through three processing stages prior to
Builder Products, Inc., 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:
| Production data: | ||
| Pounds in process, May 1; materials 100% complete; conversion 90% complete | 88,000 | |
| Pounds started into production during May | 530,000 | |
| Pounds completed and transferred out | ? | |
| Pounds in process, May 31; materials 60% complete; conversion 40% complete | 65,000 | |
| Cost data: | ||
| Work in process inventory, May 1: | ||
| Materials cost | $ | 106,000 |
| Conversion cost | $ | 59,700 |
| Cost added during May: | ||
| Materials cost | $ | 551,120 |
| Conversion cost | $ | 328,230 |
|
| ||
I want help on just doing Number 5. Thanks!
5. Prepare a cost reconciliation report for May.
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Fundamentals Of Financial Management
Authors: Eugene F. Brigham, Joel F. Houston
16th Edition
9780357517574
