During May, the production department of a process manufacturingsystem completed a number of units of a product and transferredthem to finished goods. Of these transferred units, 37,500 were inprocess in the production department at the beginning of May and150,000 were started and completed in May. Mayâs beginninginventory units were 60% complete with respect to materials and 40%complete with respect to conversion. At the end of May, 51,250additional units were in process in the production department andwere 60% complete with respect to materials and 20% complete withrespect to conversion. The production department had $505,035 ofdirect materials and $396,568 of conversion cost charged to itduring May. Its beginning inventory included $74,075 of directmaterials cost and $28,493 of conversion cost.
Process cost summary Using FIFO method
| During May, the production department of a process manufacturingsystem completed a number of units of a product and transferredthem to finished goods. Of these transferred units, 37,500 were inprocess in the production department at the beginning of May and150,000 were started and completed in May. Mayâs beginninginventory units were 60% complete with respect to materials and 40%complete with respect to conversion. At the end of May, 51,250additional units were in process in the production department andwere 60% complete with respect to materials and 20% complete withrespect to conversion. The production department had $505,035 ofdirect materials and $396,568 of conversion cost charged to itduring May. Its beginning inventory included $74,075 of directmaterials cost and $28,493 of conversion cost. Process cost summary Using FIFO method |
Related questions
During April, the production department of a process manufacturingsystem completed a number of units of a product and transferredthem to finished goods. Of these transferred units, 71,000 were inprocess in the production department at the beginning of April and284,000 were started and completed in April. April's beginninginventory units were 65% complete with respect to materials and 35%complete with respect to conversion. At the end of April, 93,000additional units were in process in the production department andwere 90% complete with respect to materials and 40% complete withrespect to conversion.
The production department had $1,106,991 of direct materials and$800,823 of conversion costs charged to it during April. Also, itsbeginning inventory of $207,646 consists of $165,239 of directmaterials cost and $42,407 of conversion costs.
1&2. Using the weighted-average method,compute the direct materials cost and the conversion cost perequivalent unit and assign April's costs to the departmentâsoutput. (Round "Cost per EUP" to 2 decimalplaces.)
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