Option #1: Production Cost Accounting ?Weighted Average Method;Maple, Inc. manufactures syrup that goes through three processing stages prior to completion. Information on work in the first department, blending, is given below for August;Production Data;Pounds in process, August 1, materials 100% complete, conversion 70% complete;3,000;Pounds started into production during August;85,000;Pounds completed and transferred out;?;Pounds in process, August 31, materials 80% complete, conversion 30% complete;6,000;Cost Data;Work in process inventory, August 1;Materials cost;$900;Conversion cost;$5,900;Cost added during May;Materials cost;$151,000;Conversion cost;$161,700;The company uses the weighted-average method.;Instructions;Submit an Excel document, with each tab labeled by item number, which demonstrates the following;Compute the equivalent units of production.;Compute the costs per equivalent unit for the month.;Determine the cost of ending work in process inventory and of the units transferred out to the next department.;Prepare a cost reconciliation schedule for the month.;Provide your answers in a clearly organized Excel spreadsheet. Check spelling and formatting for readability. Document your sources.
Paper#74591 | Written in 18-Jul-2015Price : $22