Meyer Manufacturing Company uses a process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process on May 1 was 75% complete and work in process on May 31 was 40% complete.
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below.
Solution
Meyer Manufacturing Company Molding Department Production Cost Report For the month Ended May 31 2014 Equivalent Units QUANTITIES Physical Unit Materials Conversion Cost Unit to be accounted for Work in process, May 1 7000 7000 7000 Started into production 28000 28000 25000 Total Unit 35000 35000 32000 Unit Accounted for Transferred Out 30000 30000 30000 Work in process, May 31 5000 5000 2000 Total Unit 35000 35000 32000 COSTS Unit Cost Materials Conversion Cost Total Cost in May 140000 160000 300000 Equivalent Units 35000 32000 Unit Cost 4 5 9 Cost to be accounted for Work in process, May 1 60000 Started into production 240000 Total Cost 300000 Cost Reconciliation Schedule Cost Accounted for Transferred Out 270000 Work in process, May 31 Materials 20000 Conversion Costs 10000 30000 Total Costs 300000
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Meyer Manufacturing Company uses a process cost system- The Molding De.docx
1. Meyer Manufacturing Company uses a process cost system. The Molding Department adds
materials at the beginning of the process and conversion costs are incurred uniformly throughout
the process. Work in process on May 1 was 75% complete and work in process on May 31 was
40% complete.
Instructions
Complete the Production Cost Report for the Molding Department for the month of May using
the above information and the information below.
Solution
Meyer Manufacturing Company Molding Department Production Cost Report For the month
Ended May 31 2014 Equivalent Units QUANTITIES Physical Unit Materials Conversion Cost
Unit to be accounted for Work in process, May 1 7000 7000 7000 Started into production 28000
28000 25000 Total Unit 35000 35000 32000 Unit Accounted for Transferred Out 30000 30000
30000 Work in process, May 31 5000 5000 2000 Total Unit 35000 35000 32000 COSTS Unit
Cost Materials Conversion Cost Total Cost in May 140000 160000 300000 Equivalent Units
35000 32000 Unit Cost 4 5 9 Cost to be accounted for Work in process, May 1 60000 Started
into production 240000 Total Cost 300000 Cost Reconciliation Schedule Cost Accounted for
Transferred Out 270000 Work in process, May 31 Materials 20000 Conversion Costs 10000
30000 Total Costs 300000
