Builder Products, Inc., uses the weighted-average method in its process costing

Question

Builder Products, Inc., 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 datas Pounds in process, May 1; materials 1008 complete: conversion 90% complete Pounds started into production during May Pounds completed and transferred out pounds in process, May 31, materials 60% complete, 80,000 450,000 conve rsion 40% complete 40,000 Cost data: Work in process inventory, May 1s Materials cost Conversion cost $116,900 s 35,800 Cost added during Mays Materials cost Conversion cost $607, 840 $196,960 Required: 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, convers 4. Compute the cost of units transferred out to the next department f 5. Prepare a cost reconciliation report for May for materials, conversion, and in total for May Complete this question by entering your answers in the tabs below.

Explanation / Answer

Solution 1:

Solution 2:

Solution 3 & 4:

Solution 5:

Computation of Equivalent unit of Production - Weighted Average - First Department Particulars Physical Units Material Conversion Units to account for: Beginning WIP, May 1 80000 Add: Unit started into production 450000 Total physical units to account for 530000 Units Accounted for: Unit completed & Transferred out 490000 490000 490000 Closing WIP: 40000 Material (60%) 24000 Conversion (40%) 16000 Equivalent units of production 530000 514000 506000

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