Determine the cost of ending work in process inventory and of the units transfer

Question

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 and final answers to the nearest whole dollar amount.)

Prepare a cost reconciliation report for the month. (Round your intermediate calculation to 2 decimal places and final answers to the nearest whole dollar amount.)

  Production data:       Pounds in process, May 1: materials 100% complete;
         conversion 90% complete 82,000          Pounds started into production during May 470,000          Pounds completed and transferred to the next department ?          Pounds in process, May 31: materials 70% complete;
        conversion 30% complete 42,000      Cost data:       Work in process inventory, May 1:         Materials cost $ 152,300           Conversion cost $ 52,300       Cost added during May:         Materials cost $ 791,650           Conversion cost $ 287,390   

Explanation / Answer

Answer:

Units transferred to the next department = Units in beginning work in process + Units started into production Units in ending work in process = 82,000 + 470,000 42,000 = 510,000

Answer:4

Particulars Units Material % Conversion % Completed and transferred out 510000 510000 100% 510000 100% Work in process,ending 42000 29400 70% 12600 30% Equivalent units of production 552000 539400 522600

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