Weston Products manufactures an industrial cleaning compound that goes through three processing departments-Grinding, Mixing, and Cooking. All raw materials are introduced at the start of work in the Grinding Department. The Work in Process T-account for the Grinding Department for May is given below:
Work in Process-Grinding Department
| Inventory, May 1 |
317,520 |
Completed and transferred to
the Mixing Department
|
? |
| Materials |
908,010 |
|
|
| Conversion |
538,050 |
|
|
|
|
|
| Inventory, May 31 |
? |
|
|
|
The May 1 work in process inventory consisted of 81,000 pounds with $193,590 in materials cost and $123,930 in conversion cost. The May 1 work in process inventory was 100% complete with respect to materials and 80% complete with respect to conversion. During May, 351,000 pounds were started into production. The May 31 inventory consisted of 77,000 pounds that were 100% complete with respect to materials and 60% complete with respect to conversion. The company uses the weighted-average method to account for units and costs.
Required:
1. Determine the equivalent units of production for May.
2. Determine the costs per equivalent unit for May. (Round your answers to 2 decimal places.)
3. Determine the cost of the units completed and transferred to the Mixing Department during May.(Round your intermediate calculations to 2 decimal places.)