Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Builder Products, Incorporated, uses the weighted - average method of process costing. It manufactures a caulking compound that goes through three processing stages prior to

Builder Products, Incorporated, uses the weighted-average method of process costing. 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
80% completer 10,000
Pounds started into production during May 100,000
Pounds completed and transferred out?
Pounds in process, May 31 ; materials 60% complete; conversion
20% complete 15,000
Cost data:
Work in process inventory, May 1:
Materials cost $ $1,500
Conversion cost $7,200
Cost added during May:
Materials cost $ 154,500
Conversion cost $90,800
Required:
For May:
Compute the equivalent units of production for materials and conversion.
Compute the cost per equivalent unit for materials and conversion.
Compute the cost of ending work in process inventory for materials, conversion, and in total.
Compute the cost of units transferred out to the next department for materials, conversion, and in total.
Prepare a cost reconciliation report.
image text in transcribed

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Essentials Of Cost Accounting For Health Care Organizations

Authors: Steven Finkler, Judith Baker, David Ward

3rd Edition

0810235447, 9780763738136

More Books

Students also viewed these Accounting questions