The PVC Company manufactures a high-quality plastic pipe that goes through - 14112

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Problem 4-13 Comprehensive Problem Weighted-Average Method [LO2, LO3, LO4, LO5]

The PVC Company manufactures a high-quality plastic pipe that goes through three processing stages prior to completion.

 

       Information on work in the first department, Cooking, is given below for May:

 

 

 

 

  Production data:

 

 

    Pounds in process, May 1: materials
      100% complete; conversion 90% complete

 

70,000   

    Pounds started into production during May

 

350,000   

    Pounds completed and transferred to
      the next department

 

?   

    Pounds in process, May 31:
      materials 75% complete; conversion 25% complete

 

40,000   

  Cost data:

 

 

    Work in process inventory, May 1:

 

 

        Materials cost

$

86,000   

        Conversion cost

$

36,000   

    Cost added during May:

 

 

        Materials cost

$

447,000   

        Conversion cost

$

198,000   


 

The company uses the weighted-average method.

 

Required:

 

1.

Compute the equivalent units of production.

2.

Compute the costs per equivalent unit for the month. (Round your answers to 2 decimal places. Omit the "$" sign in your response.)

3.

Determine the cost of ending work in process inventory and of the units transferred out to the next department. (Omit the "$" sign in your response.)

4.

Prepare a cost reconciliation report for the month. (Omit the "$" sign in your response.)

 

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