4 Builder Products, Inc, uses the weighted-average method in its process costing

Question

4 Builder Products, Inc, uses the weighted-average method in its process costing system, It 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 in process, May 11 materials 100% corpletei conversion 90% complete Pounds started into production during May Pounds completed and transferred out pounds in process, May 31; naterials 75% complete; 63,000 28e,00e conversion 25% complete 23,8e9 Cost datar Work In pracess inventory, Hay 1 Materials cost $ 67,586 s 29,100 Cost added during Hay Materials cost Conversion cost 350,690 5 159,835 Required: t Compute the equivalent units of production for materials and conversion for May 2 Compute the cost per equivalent unit for materials and conversion for May 3. Compute the cost of ending work in process inventory for materials, conversion, and in total for May 4 Compute the cost of units transferred out to the next department for materials, conversion, and in total for May repare a cost reconciliation report for May Complete this question by entering your answers in the tabs below Required 1 Required 2 Required 3 R Required 4 Required 5 Compute the equivalent units of production for materials and conversion for May. Equivalent units of production Required 2 > Prey 4ofs Next O Type here to search 2 3 4 6

Explanation / Answer

Requirement Schedule showing physical units of production Physcial units Units to be accounted for Work in Process , May 1 63000 Started in production 280000 Total units 343000 Units accounted for Transferred out 320000 Work in Process, May 30 23000 Total units 343000 Determination of the equivalent units of production for materials and conversion costs units Materials Materials Conversion Conversion Transferred out 320000 100% 320000 100% 320000 Work in Process, May 30 23000 75% 17250 25% 5750 Equivalent units 337250 325750 Computation of unit costs of production Materials Conversion costs Work in Process , May 1 67500 29100 Started in production 350690 159835 Total costs 418190 188935 Equivalent units 337250 325750 Cost per equivalent units 1.24 0.58 Determination of cost to be assigned to the units trasnferred and work in process at amy 30 Work in Process, May 30 units Cost per equivalent units Total costs Materials costs 17250 1.24 21390 Conversion costs 5750 0.58 3335 Total Work in Process, May 30 24725 Transferred out Materials costs 320000 1.24 396800 Conversion costs 320000 0.58 185600 582400 Cost Reconciliation Schedule Cost accounted for Transferred out 582400 Work In process, May 30 Materials 21390 Conversion costs 3335 24725 Total costs 607125 with Work in Process , May 1 Materials 67500 Conversion 29100 Total 96600 Started in production Materials 350690 Conversion 159835 Total 510525 Total costs 607125

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