The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior...
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Accounting
The PVC Company manufactures a high-quality plastic pipe 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 | 66,000 | |
Pounds started into production during May | 310,000 | |
Pounds completed and transferred to the next department | ? | |
Pounds in process, May 31: materials 70% complete; conversion 30% complete | 26,000 | |
Cost data: | ||
Work in process inventory, May 1: | ||
Materials cost | $ | 68,300 |
Conversion cost | $ | 19,300 |
Cost added during May: | ||
Materials cost | $ | 355,130 |
Conversion cost | $ | 105,930 |
The company uses the weighted-average method. |
Required: |
1. | Compute the equivalent units of production. |
Materials | Conversion | |
Equivalent units of production | ||
2. | Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places. Omit the "$" sign in your response.) |
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. (Omit the "$" sign in your response.) |
Materials | Conversion | Total | |
Cost of ending work in process inventory | $ | $ | $ |
Cost of units completed and transferred out | $ | $ | $ |
4. | Prepare a cost reconciliation report for the month. (Omit the "$" sign in your response.) |
Cost Reconciliation | |
Costs to be accounted for: | |
(Click to select)Cost of beginning work in process inventoryCost of units completed and transferred outCost of ending work in process inventory | $ |
(Click to select)Cost of units completed and transferred outCosts added to production during the periodCost of ending work in process inventory | |
Total cost to be accounted for | $ |
Costs accounted for as follows: | |
(Click to select)Costs added to production during the periodCost of ending work in process inventoryCost of beginning work in process inventory | $ |
(Click to select)Cost of beginning work in process inventoryCost of units completed and transferred outCosts added to production during the period | |
Total cost accounted for | $ |
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