Required information [The following information applies to the questions displayed below.] Carson Paint Company, which manufactures...

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Required information [The following information applies to the questions displayed below.] Carson Paint Company, which manufactures quality paint to sell at premium prices, uses a single production department. Production begins by blending the various chemicals that are added at the beginning of the process and ends by filling the paint cans. The gallon cans are then transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead is applied at the rate of $3 per direct labor dollar. The company combines direct labor and overhead in computing product cost. Prior to May, when a change in the manufacturing process was implemented, Work-in-Process Inventories were insignificant. The changed manufacturing process, which has resulted in increased equipment capacity, allows increased production but also results in considerable amounts of Work-in-Process Inventory. Also, the company had 1,000 spoiled gallons in May-one-half of which was normal spoilage and the rest abnormal spoilage. The product is inspected at the end of the production process. These data relate to actual production during the month of May: Work-in-Process Inventory, May 1 Direct materials Direct labor May costs added: Direct materials Direct labor Work-in-Process Inventory, May 1 30% complete as to conversion activity 100% complete as to direct materials Sent to shipping department Started in May Work-in-Process Inventory, May 31 80% complete as to conversion activity 100% complete as to direct materials Total spoilage (units), in May % Spoilage considered normal Stage of processing when spoilage is detected Costs $ 112,200 14,661 448,800 58,644 Units 2,000 26,700 32,200 6,500 ? 50% 100% Required 1. Prepare a production cost report for May using the weighted-average method. (Round "Cost per EU" answers to 2 decimal places.) Required information Input: Beginning WIP Units started or Trans-in Total units to account for Output: Units finished or Trans-out Normal spoilage Abnormal spoilage Ending WIP Total units accounted for Materials Conversion Beginning WIP Current costs Total Divide by equivalent units WTAVG Cost per equivalent unit Finished goods Good production Normal spoilage Abnormal spoilage Ending WIP Direct materials Conversion Total cost accounted for Carson Paint Company Production Cost Report - May $ Physical Units $ Answer is not complete. $ Direct Materials Quantity Recap: Physical Units 500 500 32,200 34,200 2,000✔ Production Information 34,200 26.700✔ 500✓ Direct Materials lool 500✓ 6,500✔ 3333 561,000 34,200 26,700 units units units units 112,200 448,800✔ 33 Equivalent Units: Weighted-Average 33 S 16.40 S 100 100 100 100 % Conversion S % % % % $ S Cost Added 234,576 s 293,220 S 32,900 33 58,644 S 8.91 S Cost Summary: Weighted-Average Method 25 X Conversion S $ 100 100 100 80 106,600x 46,332 X S S 3333 Total % 96 % 96 % 170,844 683,376 854,220 25.31 25 12,655 X 152,932 165.612 Required information [The following information applies to the questions displayed below.] Carson Paint Company, which manufactures quality paint to sell at premium prices, uses a single production department. Production begins by blending the various chemicals that are added at the beginning of the process and ends by filling the paint cans. The gallon cans are then transferred to the shipping department for crating and shipment. Direct labor and overhead are added continuously throughout the process. Factory overhead is applied at the rate of $3 per direct labor dollar. The company combines direct labor and overhead in computing product cost. Prior to May, when a change in the manufacturing process was implemented, Work-in-Process Inventories were insignificant. The changed manufacturing process, which has resulted in increased equipment capacity, allows increased production but also results in considerable amounts of Work-in-Process Inventory. Also, the company had 1,000 spoiled gallons in May-one-half of which was normal spoilage and the rest abnormal spoilage. The product is inspected at the end of the production process. These data relate to actual production during the month of May: Work-in-Process Inventory, May 1 Direct materials Direct labor May costs added: Direct materials Direct labor Work-in-Process Inventory, May 1 30% complete as to conversion activity 100% complete as to direct materials Sent to shipping department Started in May Work-in-Process Inventory, May 31 80% complete as to conversion activity 100% complete as to direct materials Total spoilage (units), in May % Spoilage considered normal Stage of processing when spoilage is detected Costs $ 112,200 14,661 448,800 58,644 Units 2,000 26,700 32,200 6,500 ? 50% 100% Required 1. Prepare a production cost report for May using the weighted-average method. (Round "Cost per EU" answers to 2 decimal places.) Required information Input: Beginning WIP Units started or Trans-in Total units to account for Output: Units finished or Trans-out Normal spoilage Abnormal spoilage Ending WIP Total units accounted for Materials Conversion Beginning WIP Current costs Total Divide by equivalent units WTAVG Cost per equivalent unit Finished goods Good production Normal spoilage Abnormal spoilage Ending WIP Direct materials Conversion Total cost accounted for Carson Paint Company Production Cost Report - May $ Physical Units $ Answer is not complete. $ Direct Materials Quantity Recap: Physical Units 500 500 32,200 34,200 2,000✔ Production Information 34,200 26.700✔ 500✓ Direct Materials lool 500✓ 6,500✔ 3333 561,000 34,200 26,700 units units units units 112,200 448,800✔ 33 Equivalent Units: Weighted-Average 33 S 16.40 S 100 100 100 100 % Conversion S % % % % $ S Cost Added 234,576 s 293,220 S 32,900 33 58,644 S 8.91 S Cost Summary: Weighted-Average Method 25 X Conversion S $ 100 100 100 80 106,600x 46,332 X S S 3333 Total % 96 % 96 % 170,844 683,376 854,220 25.31 25 12,655 X 152,932 165.612

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Answer 1 Cost of Prduction report weighted avg metghod ProductionDepartment Equivalent Units Flow Of ... View the full answer