Prepare a cost reconciliation report for the month round

Assignment Help Accounting Basics

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

Questions Cloud

Cvp analysis using weighted-average contribution margin : i. cvp analysis using composite units home builders sells windows and doors in the ratio of 82 windowsdoors. the

The gilster company a machine tooling firm has several : the gilster company a machine tooling firm has several plants. one plant located in st. falls minnesota uses a job

After youve recorded the data for the cats you realize that : q1. through years of careful observation you have begun to suspect that how vocal cats are is somehow related to the

In the city of milford applications for zoning changes go : in the city of milford applications for zoning changes go through a two-step process a review by the planning

Prepare a cost reconciliation report for the month round : the pvc company manufactures a high-quality plastic pipe that goes through three processing stages prior to

The towson manufacturing corporation applies overhead on : overhead application working backwardthe towson manufacturing corporation applies overhead on the basis of machine

A decision maker subjectively assigned the following : 1. suppose an experiment has five equally likely outcomes e1 e2 e3 e4 e5. assign probabilities to each outcome and

Assume that you borrow 10000 for five years annual : assume that you borrow 10000 for five years annual payments at a market rate of 6. assuming that inflation is 3 what

The new manager of the cpu assembly department was asked to : bell computers ltd. located in liverpool england assembles a standardized personal computer from parts it purchases

User Account

All Pages