Bullder 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 15,200 112,000 102,000 2 Production data Units in proces, May 11 100% complete an to materials and 808 complete as to labour and overhead Units started into production during May Units completed and transferred out Unita in process, May 31: 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 cont Labour cost Overhead cost $2,100 2,560 6,200 264,000 25,600 72,400 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 Units brought into production and fully completed during the month Total units 15,200 112,000 127,200 1. Prepare a quantity schedule and a computation of equivalent units. Quantity Schedule Units to be accounted for Work in process, May 1 Units brought into production and fully completed during the month Total units 15,200 112,000 127,200 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 Total units and equivalent units of production 102,000 15,200 117,200 102,000 9,120 111,120 102,000 3,040 105,040 102,000 3,040 105,040 2. Compute the costs per equivalent unit for the month. (Round your answers to 3 decimal places.) Costs per equivalent unit Materials Labour Overhead $ 1.195 $ 0.268 $ 0.748 3. Using the data from parts (1) and (2), prepare a cost reconcillation (Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Note: There is difference of $65" 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 $ 225,522 102,000 102,000 102,000 Cost accounted for as follows: Transferred out Work in process, May 31: Materials Labour Overhead 9,120 108,984 815 3,040 + 3,040 Total work in process Total cost 2,274 112,073 $ 337,595 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 "o" wherever required. Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Quantity Schedule and Equlvalent Units Quantity Schedule Units to be accounted for Work in process, May 1 Started into production Total units 15.200 112,000 127.200 3 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 15,200 112,000 127 200 Units Equivalent Units (EU) Materials Labour Overhead 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 0 15 200 3,040 15,200 3,040 15,200 15,200 15,200 96,800 127,200 15200 18,240 18,240 Cost per Equivalent Unit Materials Labour Overhead Costs per equivalent unit Cost Reconciliation Note: There is differencolor $65" 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 $ 10,860 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 Total 0 To partially complete units in Work in Process May 31 Materials Labour Overhead Total Total cost Cost transferred out, May 31 $ 0 10,860 10,860 $