Weston Products manufactures an industrial cleaning compound that goes through t
ID: 2543916 • Letter: W
Question
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:
Completed and transferred to
the Mixing Department
The May 1 work in process inventory consisted of 55,000 pounds with $68,750 in materials cost and $40,700 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 80% complete with respect to conversion. During May, 352,000 pounds were started into production. The May 31 inventory consisted of 77,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method to account for units and costs.
Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places.)
Determine the cost of the units completed and transferred to the Mixing Department during May. (Round your intermediate calculations to 2 decimal places.)
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:
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-Gr rinding Department Completed and transferred to Inventory, May 1 Materials Conversion 109,450 505,120 282,832 the Mixing Department Inventory, May 31 The May 1 work in process inventory consisted of 55,000 pounds with $68,750 in materials cost and $40,700 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 80% complete with respect to conversion. During May, 352,000 pounds were started into production. The May 31 inventory consisted of 77,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method to account for units and costs Required 1. Determine the equivalent units of production for May Materials Conversion Equivalent units of production 2. Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places.) Materials Conversion Cost per equivalent unit 3. Determine the cost of the units completed and transferred to the Mixing Department during May. (Round your intermediate calculations to 2 decimal places.) MaterialsConversion Total Cost of units completed and transferred outExplanation / Answer
UNITS TO ACCOUNT FOR: Beginning Work in Process units 55,000 Add: Units Started in Process 352,000 Total Units to account for: 407,000 UNITS TO BE ACCOUNTED FOR: Units started and completed 330,000 Ending Work in Process 77,000 Total Units to be accounted for: 407,000 Equivalent Units: Material Cost Conversion % Completion Units % Completion Units Units started and completed 100% 330,000 100% 330,000 Ending Work in Process 100% 77,000 60% 46,200 Total Equivalent units 407,000 376,200 TOTAL COST TO ACCOUNT FOR: Material Conversion Beginning work in Process 68,750 40,700 Cost Added during May 505,120 282,832 Total Cost to account for: 573,870 323,532 Total Cost to account for: 897,402 COST PER EQUIVALENT UNIT: Material Conversion Total cost added during the year 573,870 323,532 Equivalent Units 407,000 376,200 Cost per Equivalent unit 1.41 0.86 TOTAL COST ACCOUNTED FOR: Units started and Transferred out (330,000 units) Equivalent unit Cost per EU Total Cost Material 330,000 1.41 465300 Conversion Cost 330,000 0.86 283800 Total Cost of Units completed and transferred out: 749100 Ending Work in process (77,000 units) Equivalent unit Cost per EU Total Cost Material 77,000 1.41 108570 Conversison Cost 46,200 0.86 39732 Total cost of Ending Work in process: 148,302 Req 1: Equivalent units of production: Material Converesion Equivalent units 407000 376200 Req2: Matrial Convresion Cost per equivalent units 1.41 0.86 Req 3: Units completed and transferred out cost: $ 749100
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