Accounting
dcs0z5Option #1: Production Cost Accounting –Weighted Average Method
Maple, Inc. manufactures syrup that goes through three processing stages prior to completion. Information on work in the first department, blending, is given below for August:
Production Data: | ||
| Pounds in process, August 1; materials 100% complete; conversion 70% complete | 3,000 |
| Pounds started into production during August | 85,000 |
| Pounds completed and transferred out | ? |
| Pounds in process, August 31; materials 80% complete; conversion 30% complete | 6,000 |
Cost Data: | ||
| Work in process inventory, August 1: | $900 |
| Conversion cost | $5,900 |
| Cost added during May: | $151,000 |
| Conversion cost | $161,700 |
The company uses the weighted-average method.
Instructions:
Submit an Excel document, with each tab labeled by item number, which demonstrates the following:
- 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 schedule for the month.
Provide your answers in a clearly organized Excel spreadsheet.
11 years ago
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Maple, Inc. manufactures syrup that goes through three processing stages prior
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