Burnett Company produces a high-quality plastic pipe in two departments, Cooking

Question

Burnett Company produces a high-quality plastic pipe in two departments, Cooking and Molding. Materials are introduced at various points during work in the Cooking Department. After the cooking is completed, the materials are transferred into the Molding Department, in which the pipe is formed. Selected data relating to the Cooking Department during February are:

Production data: Pounds in process February 1: materials 100% complete; conversion 90% complete…………………… 9,000 Pounds started into production in February …………… 30,000 Pounds completed and transferred to Molding……………20,000 Pounds in process, February 28: materials 75% complete, conversion 40% complete…………………… ?

Cost data: Work in process inventory, February 1: Materials cost…………………………………………... $270,000 Conversion cost……………………………………. …. $36,000 Costs added during February; Materials...………………………….……………………….. $900,000 Conversion cost………………………………………………. $120,000 Required:

Prepare a Production Report using the process costing weighted average equivalent units method for the Cooking department for the month of May.

Include:

1. Units to account for

2. Equivalent units

3. Dollar amounts to account for

4. Cost per equivalent unit, rounded to the nearest cent; and

5. Total cost reconciliation for the department

Explanation / Answer

1)

2)

3)

4)

5)

Note: Difference in reconciliation is due to the approximation of conversion cost per equivalent unit.

Units to be accounted for Completed and transferred 30000 Ending WIP 20000 Units to be accounted for 50000

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