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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 | 69,000 | |
Pounds started into production during May | 340,000 | |
Pounds completed and transferred out | ? | |
Pounds in process, May 31; materials 80% complete; conversion 20% complete | 15,000 | |
Cost data: | ||
Work in process inventory, May 1: | ||
Materials cost | $ | 78,000 |
Conversion cost | $ | 15,300 |
Cost added during May: | ||
Materials cost | $ | 405,140 |
Conversion cost | $ | 83,950 |
Prepare a cost reconciliation report for May.
Prepare a cost reconciliation report for May. (Round your intermediate calculations to 2 decimal places.) Cost Reconciliation Costs to be accounted for: Cost of beginning work in process inventory Costs added to production during the period Total cost to be accounted for Costs accounted for as follows: Cost of units completed and transferred out Cost of ending work in process inventory Total cost accounted for $ 0 $ 468,860 98,500 567,360 $Step by Step Solution
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