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please answer the whole question! Builder Products, Inc. manufactures a caulking compound that goes through three processing stages prior to completion. Information on work in
please answer the whole question!
Builder 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 16,000 120,000 110,000 7 Production data: Units in process, May 1: 100% complete as to materials and BOX complete as to labour and overhead Units started into production during May Units completed and transferred out Units in process, May 31: 68% complete as to materials and 20% complete as to labour and overhead Cost data: Work in process inventory, May 1: Materials cast Labour cost Overhead cost Cost added during May Materials cost Labour cost Overhead cost $ 2,500 3,200 7.000 180,000 32,000 82,000 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 Muy. 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 16,000 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 Started into production Total units Equivalent Units (EU) Materials Labour Overhead Units Units accounted for as lolows Transferred out Units brought into production and fully completed during the month Total units and equivalent units of production 0 o 2. Compute the costs per equivalent unit for the month. (Round your answers to 3 decimal places.) Materials Labour Overhead Costs per equivalent unit 3. Using the data from parts (1) and (2), prepare a cost reconciliation (Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest dollar amount.) Note: There is difference of $98 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 Unita (EU) Materials Labour Overhead Total Cont Cost accounted for as follows Work in process, May 31 0 Tot work in process Total cost 4. Prepare a production report for the cooking department for May. Assuming the company uses the FIFO method. Follow parts 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 Equivalent Units Quantity Schedule Units to be accounted for Total units 0 Equivalente EU Unita Unit counted for as follows Total units and patients of production Step by Step Solution
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