Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. builder products, inc., uses the weighted-average

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

80.2K

Verified Solution

Question

Accounting

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:

Production data:
Pounds in process, May 1; materials 100% complete; conversion 90% complete 61,000
Pounds started into production during May 260,000
Pounds completed and transferred out ?
Pounds in process, May 31; materials 80% complete; conversion 20% complete 21,000
Cost data:
Work in process inventory, May 1:
Materials cost $ 58,800
Conversion cost $ 21,100
Cost added during May:
Materials cost $ 305,520
Conversion cost $ 115,790

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.

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students

Finance
1.2K views

A large retailer obtains merchandise under the credit terms of 1/15, net 40, but routinely takes...

Chemistry
1.2K views

Calculate the pH when 48.0 mL of 0.150 M KOH is mixed with 20.0 mL of...

Accounting
1.2K views

Burns Corporation's net income last year was $97,400. Changes in the company's balance sheet accounts for...

Biology
1.2K views

Give an example of an advance in biotechnology that you have heard about in the...

Basic Math
1.2K views

A truth value assignment that makes all the premises of an argument true and its...

Basic Math
1.2K views

In which type of statistical study is the population influenced by researchers?A Researchers do not...

Statistics
1.2K views

A credit card contains 16 digits between 0 and 9. However, only 100 million numbers...

Accounting
1.2K views

1 Walton Company has measured its quality costs for the past two years....

Accounting
1.2K views

Upland Company borrowed $96,000 on November 1, 2014, by signing a $96,000, 9%, 3-month note....

Accounting
1.2K views

On January 3, 2018, HDR Company acquired a tract of land just outside the city...

Accounting
1.2K views

Static Budget Actual Results Production in units 27,000 kits 29,400 kits Direct materials $ 170,100...

Accounting
1.2K views

QUESTION 3 (20 Marks) Sizwe received a travel allowance from his...