The Barrington Company manufactures a high-quality plastic pipe that goes throug
ID: 2511070 • Letter: T
Question
The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.
Information on work in the first department, Cutting, is given below for May:
The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.
The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion Information on work in the first department, Cutting, is given below for May Production data Pounds in process, May 1: materials 100% complete. conversion 90% complete Pounds started into production during May Pounds completed and transferred to the next department Pounds in process, May 31: materials 70% complete. 62,000 270,000 conversion 30% complete 22,000 Cost data Work in process inventory, May Materials cost $ 55,100 $ 26,800 Conversion cost Cost added during May: Materials cost Conversion cost $ 286,570 $ 147,330 The company uses the weighted-average method. Required 1. Compute the equivalent units of production. Materials nversion Equivalent units of production 2. Compute the costs per equivalent unit for the month. (Round your final answers to 2 decimal places.) Materials Conversion Cost per equivalent unit 3.Determine the cost of ending work in process inventory and of the units transferred out to the next department (Round your intermediate calculation to 2 decimal places and final answers to the nearest whole dollar amount.) Materials onversion Cost of ending work in process inventory Cost of units completed and transferred out 4. Prepare a cost reconciliation report for the month. (Round your intermediate calculation to 2 decimal places and final answers to the nearest whole dollar amount.) BARRINGTON COMPAN Cost Reconciliation Costs to be accounted for Total cost to be accounted for Costs accounted for as follows: Total cost accounted forExplanation / Answer
Beginning work in process 62,000 Completed & transferred 310,000 started during the year 270,000 Ending work in process 22,000 units to be accounted 332,000 units accounted for 332,000 Equivalent units % mate materials %CC CC Completed & transferred 310,000 100% 310,000 100% 310,000 Ending work in process 22,000 70% 15400 30% 6600 Equivalent units 325,400 316,600 1) materials CC Equivalent units of production 325,400 316,600 2) cost per Equivalent units Materials CC total beginning work in process 55,100 26,800 81,900 Cost added during the year 286,570 147,330 433,900 total cost 341,670 174,130 515,800 Equivalent units of production 325,400 316,600 cost per Equivalent units 1.05 0.55 1.6 materials CC cost per Equivalent units 1.05 0.55 3) materials CC total cost of ending WIP (15400*1.05+6600*.55)= 16170 3630 19800 cost of units completed & transferred out (310,000*1.6)= 325500 170500 496000 4) Cost Reconciliation costs to be accounted for Beginning work in process 81,900 Cost added during the year 433,900 total cost to be accounted for 515,800 cost accounted for as follows: cost of units completed & transferred 496000 cost of ending WIP 19800 total cost accounted for 515800
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