1 answer

Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a...

Question:

Builder Products, Inc., uses the weighted average method in its process costing system. It manufactures a caulking compound t

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: 10,000 100,000 ? Production data: Pounds in process, May 1; materials 100% complete; conversion 80% complete Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 60% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost 15,000 $ 1,500 $ 7,200 $154,500 $ 90,800 Required: 1. 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. 5. Prepare a cost reconciliation report for May.

Answers

Material Conversion Total
1) Equivalent Units          104,000             98,000
2) Cost per equivalnet unit 1.50 1.00
3) Cost of Ending WIP            13,500               3,000            16,500
4) Cost of Transferred Units          142,500             95,000          237,500
5) Cost Reconciliation Report
Costs to be acounted for:
Total Material Conversion
Costs in beginning inventory              8,700               1,500              7,200
Cost added dueing the year          245,300          154,500            90,800
Total cost to account for          254,000          156,000            98,000
Equivalent Units from above 104000 98000
Cost per equivalnet unit 1.50 1.00
Total Material CC
Cost Accounted for
Units completed and transfer          237,500          142,500            95,000
Units in ending inventory            16,500             13,500              3,000
   Total Cost Accounted for          254,000          156,000            98,000
Builder products inc.
Production Cost Report
Actual Units
Caluclation of Physical UNITS:
Units in begining inventory 10000
Units started during the period 100000
Units to be accounted for 110000
Actual Units Equivalent Units
Material Conversion
Units Completed and Transferred 95000 95000 95000
Units in ending inventory 15000 9000 3000
Total accounted for 110000 104000 98000
.

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