Problem 8-61 (Algo) Prepare a Production Cost Report: Weighted-Average Method, Missing Dato (LO 8- 2,4) Saline Solutions uses process costing to account for production of its unique compound BG at its River Plant The River Plant has two departments Rand S. Raw materials are added at two points in the production of BG. First, rubber pellets are added at the beginning of production In Department R. Next, a liquid thinner is added in Department when the product is 70 percent complete with respect to conversion costs. Once the basic compound is completed in Department R, it is transferred to Department S for mixing and packaging. The following Information is available from the River Plant for May (No new material is added in Department S.) Departments Production and Costs. May Beginning inventory (51,000 units, 20% complete with respect to Departments costs) Total cost (Department and Department s) cost: Beginning inventory Current work (495,000 units started) Department R costs 5 483,779 Department 5 costs $3,451,100 1,568,291 The ending inventory has 71,000 units, which are 100 percent complete for Department R costs Required: a. Assume that Saline Solutions used weighted-average process costing and that the cost per equivalent unit for May for materials in Departments is $710 and for conversion costs it is $3.10. Prepare a production cost repon for Saline Solutions Departments for the month of May b. What is the cost of product transferred out of Department S for May? c. What is the cost of ending inventory In Department Sfor May? Complete this question by entering your answers in the tabs below. Physical unit Equivalent Units Direct Conversion Materials Costs Total Flow of units 51,000 495,000 546,000 Units to be accounted for Beginning WIP inventory Units started this period Total units to account for Units accounted for: Completed and transferred out Units in ending inventory Mixing Packaging Total units accounted for 0 0 0 $ S Flow of costs: Costs to be accounted for: Costs in beginning WIP inventory Current period costs Total costs to be accounted for Cost per equivalent unit Materials Conversion Costs accounted for: Costs assigned to units transferred out Costs of ending WIP inventory Total costs accounted for $ 0 Prev $ 483,779 Total cost (Department R and Department 5) cost: Beginning inventory Current work (495,Bee units started) Department R costs Department 5 costs $3,451, 100 1,568,291 The ending inventory has 71,000 units, which are 100 percent complete for Department R costs. Required: a. Assume that Saline Solutions used weighted-average process costing and that the cost per equivalent unit for May for materials in Deparments is $7.10 and for conversion costs it is $3.10. Prepare a production cost report for Saline Solutions Department S for the month of May b. What is the cost of product transferred out of Department S for May? c. What is the cost of ending Inventory In Department S for May? Complete this question by entering your answers in the tabs below. Required A Required B Required c What is the cost of product transferred out of Department S for May? Cost of product transferred out 5 483,779 Total cost (Department and Department 5) cost Beginning inventory Current work (495,000 units started) Department R costs Department 5 costs $3,451, 10e 1,568,291 The ending inventory has 71000 units, which are 100 percent complete for Department costs. Required: o. Assume that Saline Solutions used weighted average process costing and that the cost per equivalent unit for May for materials in Department S is $710 and for conversion costs it is $3.10. Prepare a production cost report for Saline Solutions Department S for the month of May b. What is the cost of product transferred out of Departments for May? c. What is the cost of ending inventory in Department S for May? Complete this question by entering your answers in the tabs below. Required A Required B quired What is the cost of ending Inventory in Departments for May? Cost of ending inventory