1 9 Required information [The fowowing information appies to the questions displ

Question

1 9 Required information [The fowowing information appies to the questions displayed below Tamar Co, manufactures a single product in one department. All diect materiels are added at the beginning of the manufacturing process. Conversion costs are added evenly throughout the process. During May, the company completed and transfened 29,700 units of product to finished goods inventory. ts 4,500 units of beginning work in process consisted of $21,300 of drect materials and S289440 of conversion costs. It has 3,150 units (100% complete with respect to direct materials and 80% comolete with sespect to conversion) in process at month-end During the month, $635700 of direct material costs and $2,868,120 of conversion costs were charged to production Part 1 of 2 20 ponts 1. Prepare the company's process cost summary for May using the weighted-average method. Total cosst to acoount for Dfference due to roundng costlunt units to account for

Explanation / Answer

Toal costs to account for: Costs of beginning work in process 310740 Costs incurred this period 3503820 Toal costs to account for 3814560 Toal costs accounted for 3814560 Difference due to rounding off 0 Units to account for: Beginning goods in process inventory ­ units 4500 Units started this period 28350 Total units to account for 32850 Total units accounted for: Units completed and transferred out 29700 Ending goods in process ­ units 3150 Total units accounted for 32850 Equivalent units of production (EUP)­ weighted average method Units % Materials EUP­ Materials % Conversion EUP­ Conversion Units completed and transferred out 29700 100% 29700 100% 29700 Ending goods in process ­ units 3150 100% 3150 80% 2520 Total units 32850 32850 32220 Cost per equivalent unit of production Materials Conversion Costs of beginning work in process 21300 289440 Costs incurred this period 635700 2868120 Total costs 657000 3157560 ÷ Equivalent units of production 32850 32220 Cost per equivalent unit of production 20 98 Total costs accounted for: EUP Cost per EUP Total cost Cost of units transferred out: Direct materials 29700 20 594000 Conversion 29700 98 2910600 Total costs transferred out 3504600 Costs of ending goods in process: EUP Cost per EUP Total cost Direct materials 3150 20 63000 Conversion 2520 98 246960 Total cost of ending goods in process 309960 Total costs accounted for 3814560

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