Question
Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used is added at
Helix Corporation produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used is added at the beginning of processing. Data for May for the department follows: |
Percent Complete | |||||||
Units | Materials | Conversion | |||||
Work in process inventory, May 1 | 77,000 | 65 | % | 30 | % | ||
Work in process inventory, May 31 | 57,000 | 40 | % | 20 | % | ||
Materials cost in work in process inventory, May 1 | $ | 60,600 | |||||
Conversion cost in work in process inventory, May 1 | $ | 18,200 | |||||
Units started into production | 264,200 | ||||||
Units transferred to the next production department | 284,200 | ||||||
Materials cost added during May | $ | 412,180 | |||||
Conversion cost added during May | $ | 262,620 | |||||
|
Required: |
1. | Assume that the company uses the weighted-average method of accounting for units and costs. Determine the equivalent units for May. |
2. | Compute the costs per equivalent unit for May. (Round your answers to 2 decimal places.) |
3. | Determine the total cost of ending work in process inventory and the total cost of units transferred in May. (Round your intermediate calculations to 2 decimal places.) |
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