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Prepare a cost reconciliation report for the month round

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Reference no: EM13578426

The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.

       Information on work in the first department, Cooking, is given below for May:



  Production data:

      Pounds in process, May 1: materials 100%
      complete; conversion 90% complete
90,000   
    Pounds started into production during May
550,000   
    Pounds completed and transferred to
      the next department
?   
    Pounds in process, May 31:
      materials 70% complete; conversion 30% complete
50,000   
  Cost data:

    Work in process inventory, May 1:

        Materials cost $ 152,300   
        Conversion cost $ 63,300   
    Cost added during May:

        Materials cost $ 791,450   
        Conversion cost $ 348,100   

The company uses the weighted-average method.
Required:
1. Compute the equivalent units of production.

Materials Conversion
  Equivalent units of production


2.

Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places.)

Materials Conversion
  Cost per equivalent unit $ $

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 and final answers to the nearest whole dollar amount.)

Materials Conversion Total
  Cost of ending work in process inventory $        $       $      
  Cost of units completed and transferred out $        $       $      

4.

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.)
  Cost Reconciliation
  Costs to be accounted for:
       $
      


  Total cost to be accounted for $


  Costs accounted for as follows:
       $
      


  Total cost accounted for $



 

Reference no: EM13578426

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