Answered step by step
Verified Expert Solution
Question
1 Approved Answer
Completely stuck on this problem no clue where to start. Please solve and explai each step The PVC Company manufactures a high-quality plastic pipe that
Completely stuck on this problem no clue where to start. Please solve and explai each step
The PVC Company manufactures a high-quality plastic pipe 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 Pounds started into production during May Pounds completed and transferred to the next department Pounds in process, May 31: materials 60% complete; conversion 40% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 64,000 290,000 ? 24,000 $ 69,500 $ 23,500 $ 361,000 $ 129,320 Required: 1. Compute the equivalent units of production. Materials Conversion Equivalent units of production 2. Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.) Cost per equivalent unit Materials $ Conversion $ 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 and final answers to the nearest whole dollar amount.) Materials Conversion Total Cost of ending work in process inventory Cost of units completed and transferred out $ $ $ $ $ $ 4. Prepare a cost reconciliation report for the month. (Round your intermediate calculation to 2 decimal places and final answers to the nearest whole dollar amount.) 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 ending work in process inventory Cost of units completed and transferred out Total cost accounted for $Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access to Expert-Tailored 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