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PROBLEM 1 – Comprehensive Problem Weighted-Average Method
The Barrington Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.
Information on work in the first department, Cutting, is given below for May:
|Production data:|| |
|Pounds in process, May 1: materials 100% complete; conversion 90% complete||73,000|
|Pounds started into production during May||380,000|
|Pounds completed and transferred to the next department||?|
|Pounds in process, May 31: materials 80% complete; conversion 20% complete||33,000|
|Cost data:|| |
|Work in process inventory, May 1:|| |
|Cost added during May:|| |
The company uses the weighted-average method.
- Compute the equivalent units of production.
- Compute the costs per equivalent unit for the month.
- Determine the cost of ending work in process inventory and of the units transferred out to the next department.
- Prepare a cost reconciliation report for the month.