The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to...
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The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion. Information on work in the first department, Cutting, is given below for May: Production data: Pounds in process, May 1: materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred to the next department Pounds in process, May 31: materials 80% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost The company uses the weighted-average method. Required: 1. Compute the equivalent units of production. Equivalent units of production Materials Conversion Cost per equivalent unit 73,000 380,000 ? Materials Conversion 33,000 $ 111,600 $ 55,800 2. Compute the costs per equivalent unit for the month. (Round your final answers to 2 decimal places.) $ 580,320 $ 306,810 3. Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Round your intermediate calculation to 2 decimal places.) Cost of ending work in process inventory Cost of units completed and transferred out BARRINGTON COMPANY Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Materials Conversion 4. Prepare a cost reconciliation report for the month. (Round your intermediate calculation to 2 decimal places.) Total cost accounted for $ $ 0 $ $ 0 Total 0 0 The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion. Information on work in the first department, Cutting, is given below for May: Production data: Pounds in process, May 1: materials 100% complete; conversion 90% complete Pounds started into production during May Pounds completed and transferred to the next department Pounds in process, May 31: materials 80% complete; conversion 20% complete Cost data: Work in process inventory, May 1: Materials cost Conversion cost Cost added during May: Materials cost Conversion cost The company uses the weighted-average method. Required: 1. Compute the equivalent units of production. Equivalent units of production Materials Conversion Cost per equivalent unit 73,000 380,000 ? Materials Conversion 33,000 $ 111,600 $ 55,800 2. Compute the costs per equivalent unit for the month. (Round your final answers to 2 decimal places.) $ 580,320 $ 306,810 3. Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Round your intermediate calculation to 2 decimal places.) Cost of ending work in process inventory Cost of units completed and transferred out BARRINGTON COMPANY Cost Reconciliation Costs to be accounted for: Total cost to be accounted for Costs accounted for as follows: Materials Conversion 4. Prepare a cost reconciliation report for the month. (Round your intermediate calculation to 2 decimal places.) Total cost accounted for $ $ 0 $ $ 0 Total 0 0
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Related Book For
Managerial Accounting
ISBN: 978-0078111006
14th edition
Authors: Ray Garrison, Eric Noreen and Peter Brewer
Posted Date:
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