Builder Products, Incorporated, uses the weighted-average method in its process costing system. It manufactures a caulking...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Builder Products, Incorporated, 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: Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost Required (see below for a few hints, if needed): 63,000 280,000 ? 23,000 $ 67,500 $ 29,100 $ 350,690 $ 159,835 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the equivalent units of production for materials and conversion for May. Builder Products, Incorporated, 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: Pounds started into production during May Pounds completed and transferred out Pounds in process, May 31; materials 75% complete; conversion 25% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost Required (see below for a few hints, if needed): 63,000 280,000 ? 23,000 $ 67,500 $ 29,100 $ 350,690 $ 159,835 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. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Required 5 Compute the equivalent units of production for materials and conversion for May.
Expert Answer:
Related Book For
Managerial Accounting
ISBN: 9781260247787
17th Edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
The Costa Gravas Company wants to evaluate two different in store promotions for its latest entry into the consumer electronics market. You have matched retail stores that carry the product according...
-
Six Measures of Solvency or Profitability The following data were taken from the financial statements of Gates Inc. for the current fiscal year. Property, plant, and equipment (net) $2,112,800...
-
Kentucky Fried Panda (KFP) corporation (slogan: "It's finger Ling-Ling good") had the following income and expenses during the current year: Revenues $100,000 Expenses $60,000 Gains on sale of...
-
Under Public Law 480, the United States sells surplus grains to developing countries, which pay in local currencies. Since the United States rarely spends all of these currencies, much of this grain...
-
Using the same universal set as in the last problem, find the set specified by each of these bit strings. a) 11 1100 1111 b) 01 0111 1000 c) 10 0000 0001
-
Tempe Chemicals refines a variety of chemicals for cleaning products. The following data are from the company's Greenville plant: Work in Process, May 1 ..........................................
-
An elec1ric dipole in a uniform electric field experiences no net force, but it does experience a net torque. The rotation of this dipole will be. A. Clockwise. B. Counterclockwise. E 103 -9 ++q
-
Ripley, Inc., costs products using a normal costing system. The following data are available for last year: Budgeted: Overhead ........ $285,600 Machine hours ........ 84,000 Direct labor hours ........
-
It is striking that a firm could fall so far so fast. On March 10, SEC Chairman Christopher Cox described Bear Stearns as being 'well capitalized'. Do you agree with his assessment? Could a financial...
-
One norm for remote communication is to establish a daily routine of when you are available to work and creating a distraction-free environment. These are crucial for what?
-
4. Apply Euler's method with 4 steps to approximate (3) for the solution of the inital value problem: 21-y 2+y y(1)=0 Present all calculations and display the resulting values in a table. Steph= n ...
-
. Consider the normal-form game pictured here: 2 1 X Y Z A 2,0 1,3 5.x B 5.4 1.3 6,2 All of the payoff numbers are specified, with the exception of that denoted by x. Find a number for x such that...
-
Using C# writeProgram called motelregistration Include classes, objects ,arrays ,loops and exceptions where and if necessary Using c# and fairly simple and organized code the program should prompt a...
-
You plan to purchase a house for $180,000. You have saved $20,000 for your down payment and plan to finance the rest of the cost with a loan which you will you repay in the following way: Equal...
-
(4) For 1in and 1 j n+1, let aj E F. Show that the system of n linear equations a1,11a1,n+12n+1 = 0 an, 11 an,n+1n+1 = 0 has a solution (1,...,n+1) different from (0,..., 0). (Hint: interpret the...
-
What audit steps would you take to determine if misappropriation is occurring in the assigned scenario? Explain (concisely) and supply authoritative support when possible. Read the following scenario...
-
Suppose the market is semistrong form efficient. Can you expect to earn excess returns if you make trades based on? a. Your brokers information about record earnings for a stock? b. Rumors about a...
-
In the chapter, we mentioned that if Cafe Revive came up short four coffee gift packs, it should increase its cost of goods sold account and decrease its inventory account by the cost of those gift...
-
In terms of the accounting equation, where are changes in revenue and expense accounts recorded?
-
Johnson and Bates run a small business and are worried about their accounts receivable spiralling out of control. a Advise them of the steps they can take to manage credit and recover outstanding...
Study smarter with the SolutionInn App