ACT305 Module 3 - Purchased solution.xlsx

ACT305 Module 3 - Purchased solution.xlsx

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Production Data (50 points) Production data: Pounds in process, August 1; materials 100% 3,000 Pounds started into production during August 85,000 Pounds completed and transferred out ? Pounds in process, August 31; materials 80% 6,000 Cost data: Work in process inventory, August 1: $900 Materials cost Conversion cost $5,900 Cost added during May: $151,000 Materials cost Conversion cost $161,700 The company uses the weighted-average method. Submit an Excel document which each tab labeled by item number in good form that demonstrates the following: 1. Compute the equivalent units of production. 2. Compute the costs per equivalent unit for the month. 3. Determine the cost of ending work in process inventory and of the units transferred out to the next department. 4. Prepare a cost reconciliation schedule for the month. SOLUTION Maple, Inc. BLENDING DEPARTMENT PRODUCTION COST REPORT For the month ended August 31_______ Equivalent Units Quantities Material Units to be accounted for Work in process, August 1 3000 Started into production 85000 Total Units 88000
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