Question - The May 1 work in process inventory consists of $56,536 in materials cost and $37,436 in conversion cost. The company uses the weighted-average method.
|
Work in Process - Cracking Department
|
|
Inventory, May 1 (38,200 kilograms, conversion 4/5 complete)
|
93,972
|
Completed and transferred to Blending ( ? kilograms)
|
?
|
|
May costs added:
|
|
|
|
|
Raw materials (281,000 kilograms)
|
466,952
|
|
|
|
Conversion costs
|
290,694
|
|
|
|
Inventory, May 31 (62,700 kilograms, conversion 2/3 complete)
|
?
|
|
|
Required:
1. Determine the equivalent units of production for May.
2. Determine the costs per equivalent unit for May.
3. Determine the cost of the units completed and transferred to Blending during May and the cost of ending work in process inventory.