6.6.PNG - Exercise 6-37 Process Costing(LO 6-3 Graham...

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Unformatted text preview: Exercise 6-37 Process Costing (LO 6-3) Graham Petroleum produces oil On May 1, it had no work-ln-process Inventory It started productlon at 244 mlllion oarrels of oil In May and shipped 216 million barrels ln the pipeline The costs oftne resources used by Graham in May cnnslst oftlie rollowmg' Materials 5 6.000 rnilliun Conversion cosls (labor and overhead) 5 7.863 million I Required: The production supervisor estimates that the ending work-in-process is El) percent template on May at. Compute the test of oil shipped in the pipeline and the amount in work4n-process ending inventory as of May 31. (Do not round intermediate calculations. Enter your answers in millions. For example, enter "1" instead or "1,i100,0i1i1".] Casi pieil shipped In Ihe pipeline 5 lzseo mllllah 5 was mllllan Explanation. Workirepmceee Tmai snipped May 31 Floductlon Barrels (mllliuns) 244.0 216.0 28.0 Perceniage complete 100% 60% Equivalent Ballels (mllllons) 232 33 216.0 16.3 Casts Maleriale (millions) $ 6.000 Conversion costs (millions) 7,968 Tulal cast Incurred $13,968 Cusl pEl equivalenl barrel Cur-I assigned in pruducl 5 232.3 equivalent units = 216 o narrels snlppeu l 60% x 28 l] han‘els ln process D 560 : , 32.8 equivalent unils. C $12,950 216.0 equivalent units X 360 ‘1 $1,008 = 18 0 equivalent units X $60 ...
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