Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking....
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Debit Inventory, May 1 Materials Conversion Inventory, May 31 Credit 140,400 Completed and transferred to the Mixing Department ? 587,200 210,240 ? The May 1 work in process inventory consisted of 60,000 pounds with $104,400 in materials cost and $36,000 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 304,000 pounds were started into production. The May 31 inventory consisted of 55,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its process costing system. Required: 1. Compute the Grinding Department's equivalent units of production for materials and conversion in May. 2. Compute the Grinding Department's costs per equivalent unit for materials and conversion for May. 3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May. Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below: Work in Process-Grinding Department Debit Inventory, May 1 Materials Conversion Inventory, May 31 Credit 140,400 Completed and transferred to the Mixing Department ? 587,200 210,240 ? The May 1 work in process inventory consisted of 60,000 pounds with $104,400 in materials cost and $36,000 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 30% complete with respect to conversion. During May, 304,000 pounds were started into production. The May 31 inventory consisted of 55,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method in its process costing system. Required: 1. Compute the Grinding Department's equivalent units of production for materials and conversion in May. 2. Compute the Grinding Department's costs per equivalent unit for materials and conversion for May. 3. Compute the Grinding Department's cost of ending work in process inventory for materials, conversion, and in total for May. 4. Compute the Grinding Department's cost of units transferred out to the Mixing Department for materials, conversion, and in total for May.
Expert Answer:
Answer rating: 100% (QA)
Lets break down the problem step by step to compute the required information for the Grinding Department Given Information May 1 work in process inven... View the full answer
Related Book For
Managerial Accounting
ISBN: 978-1259307416
16th edition
Authors: Ray Garrison, Eric Noreen, Peter Brewer
Posted Date:
Students also viewed these accounting questions
-
A slide projector produces 500 times enlarged image a slide on a screen 10 m away. Assume that the projector consists of a single convex lens used for magnification. If the screen is moved 20 m...
-
A curve C in three dimensions is given parametrically by (x(t), y(t), z(t)), where t is a real parameter, with a t b. Show that the equation of the tangent line at a point P on this curve where t...
-
Research the PCAOB's website - www.pcaob.org to learn about the PCAOB's inspection process. How often are firms inspected by the PCAOB and to what extent are the inspection findings available to the...
-
The financial information below was extracted from the statement of financial position of two companies as at 30 June 20X9. Additional information 1. Both companies revalued their freehold land and...
-
As the marketing manager for Independent Packaging Pty Ltd, you have asked the accountant what it costs to make the Container2000 model because you want to set a price for the container. A similar...
-
For the year ended December 31, 2010, Ebanks, Inc., earned an ROI of 12%. Sales for the year were $96 million, and average asset turnover was 2.4. Average owners equity was $32 million. Required: a....
-
Draft Components of Financial Analysis and Executive Summary (Mobile app creates personalized nutrition programs for customers based on their diet, health objectives, and lifestyle.) Description:...
-
-Currency futures contracts are used by MNCs for hedging. Explain how a corporation may use a currency future for hedging and how some speculators may use currency futures for speculation. -There are...
-
Morning Smiles Coffee Company manufactures Stoneware French Press coffee makers. During the month of March, 8,100 coffee makers were completed at a cost of goods manufactured of $607,500. Suppose...
-
Make k the subject of the following two equations. Show each step of your working. (a) St = (b) 6k = 9k 5 +13 7k 11t + 5t
-
List five (5) financial management principles that are helpful. How does each principle help you become financially literate? What is the most important piece of advice you can give someone who is...
-
Can a ratio be too high or too low? A higher current ratio is generally considered to be better, but can a current ratio be too high? What do you think?
-
If Stupo borrows the amount shown below for the duration shown, and instead of paying off the amount agreed upon when due decides to keep the money for a year, how much will he have to pay on the...
-
The following table shows six years of average annual food price index (May to April data): Year Annual Food Price Index 2005 101.8 2006 114.8 2007 143.3 2008 144.3 2009 138.1 2010 165.1 (a) Forecast...
-
Anna, a high school counselor, devised a program that integrates classroom learning with vocational training to help adolescents at risk for school dropouts stay in school and transition to work...
-
Companies are facing a great amount of change in every facet of their operations today. To remain competitive, companies must keep abreast of current developments in several areas. You recently got...
-
For each of the situations listed, identify the primary standard from the IMA Statement of Ethical Professional Practice that is violated (competence, confidentiality, integrity, or credibility.)...
-
Sustainability involves more than just the impact of actions on the environment. The triple bottom line recognizes that a company has to measure its impact on its triple bottom line for its long-term...
Study smarter with the SolutionInn App