Question

Saved Help Save & Exit Check Helix Corporation uses the weighted average method in its process costing system. It produces prefabricated flooring in a series of steps carried out in production departments. All of the material that is used in the first production department is added at the beginning of processing in that department. Data for May for the first production department follow: Units 52.000 32,000 ed Work in process inventory, May 1 Work in process inventory, May 31 Materials cost in work in process inventory, May 1 Conversion cost in work in process inventory, May 1 Units started into production Units transferred to the next production department Materials cost added during May Conversion cost added during May Percent Complete Materials Conversion 1001 1008 258 $ 45,500 $ 12,100 246,000 266,000 $ 55,820 $174,220 Sk ances Required: 1. Calculate the first production department's equivalent units of production for materials and conversion for May, 2. Compute the first production department's cost per equivalent unit for materials and conversion for May. 3. Compute the first production department's cost of ending work in process inventory for materials, conversion, and in total for May 4. Compute the first production department's cost of the units transferred to the next production department for materials, conversion, and in total for May. Complete this question by entering your answers in the tabs below. Required 1 Required 2 Required 3 Required 4 Calculate the first production department's equivalent units of production for materials and conversion for May. Materials Conversion 3 of 4 < Prev 00 Next >

Answer 1

Solution:- 1. Computation of Equivalent Unit Of Production Solution: Total Materials Conversion Particulars units unit % unit Units completed and 266,000 1007 266,000 100% 266,000 transferid out Ending work in Process 37,000 100% 32,000 PS4 8000 Inventory Total Equivalent units 298,000 274,000 298,000 2. Computation of Cost per Equivalent Material Conversion $45,500 $ 55,820 $ 12,100 $174,220 Particulaw Beginning work in Process Cost Addo-Cost Added during May Total Cost Equivalent units Total cost per Eq unit $101,320 $186,320 298,000 $0.34 274,000 $0.68 3. Computation of Ending Work in Process Inventory Cost Material Conversion 8,000 37,000 $0.34 $0.68 Particulars AlEnding work in Process Inventory 18) Cost per Equivalent unit Cost of ending wosk in Process Inventory (AXB) $10,880 $5,440 4. Computation of Cost of units Completed and transferred out A) Particulars Materials Units completed & transferred out 266,000 (B) Cost per Equivalent unit $0.34 cost of units completed & transfer $90,440 -rud out (AXB) conversion 266,000 $0.68 $180, 880