Exercise 181 Mayer Company uses a process cost system. The Molding Department ad

Question

Exercise 181 Mayer Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the procs Work in process on May 1 was 75% complete and work in process on May 31 was 60% complete 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.) MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Equivalent Units Physical Units Conversion Costs Materials Quantities Units to be accounted for Work in process, May 1 Started into production 8,000 32,000 40,000 Total units Units accounted for Transferred out 35,000 5,000 40,000 Work in process, May 31 Total units Conversion Costs COSTS Materials Total Unit costs

Explanation / Answer

Calculate following :

Equivalent unit Quantities Whole unit Material Conversion cost Units to be accounted for Beginning work in process 8000 Started into production 32000 Total units 40000 Units accounted for Transferred out 35000 35000 35000 Ending work in process 5000 5000 3000 Total units 40000 40000 38000 Costs Material Conversion Total cost Cost in may 140000 161500 301500 Equivalent unit 40000 38000 Units cost 3.50 4.25 7.75 Cost to be accounted for Work in process, May 1 60000 Started into production 241500 Total cost 301500 Cost reconciliation schedule Cost accounted for Transferred out 271250 Work in process, May 31 Material 17500 Conversion cost 12750 30250 Total costs 301500

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