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Need some help with the production cost report! thanks! Ayayai Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning
Need some help with the production cost report! thanks!
Ayayai Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% complete and work in process inventory on May 31 was 60% complete as to conversion costs. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) AYAYAI COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2022 Equivalent Units of Production Physical Conversion QUANTITIES Units Materials Costs Units to be accounted for Work in process, May 1 9,920 Started into production 39,680 Total units to be accounted for 49,600 Units accounted for Completed and transferred out 43,400 Work in process, May 31 6,200 Total units accounted for 49,600 Conversion COSTS Materials Costs Total Unit costs Costs in May $173,600 $200,260 Equivalent units of production Unit costs Costs to be accounted for Work in process, May 1 Started into production Total costs to be accounted for Cost Reconciliation Schedule Costs accounted for Completed and transferred out $ Work in process, May 31 Materials to Conversion costs Total costs accounted forStep by Step Solution
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