On May of the ay had 03000 n oosis in Worh in Proceay 1 was

On May of the ay had $03,000 n oosis in Worh in Proceay 1 was ss. During the process on omsuany alded sa0 75% conViete and workin processon May 3, wa. 40% orman n costs to its production process. Work in Complete the Production Cost Report for the above information and the information below Cost Report for the Molkding Department for the month of May using the POOLE MANUFACTURING COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Linits to be accosntes for Work in process, May 1 Started into production 16.000 50.000 Total units Transferred out Work in process, May 31 46,000 20.000 66.000 Total units COSTS Unit costs Costs in May Equivalent units Unit costs Costs to be accounted for Work in process, May 1 Started into production Total costs Costs accounted for Transferred out Work in process, May 31 Materials Conversion costs Total costs

Solution

POOLE MANUFACTURING COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2017 Particulars Equivalent Units Physical Units Materials Conversion Costs Units to be accounted for Work in process - Beginning                                     16,000 Started into production (240,000 - 60,000)                                     50,000 Total units                                     66,000 Units accounted for Goods Units Completed & transferred out: From Beginning WIP                                     16,000                                               -                                 4,000 (0% materials, 25% conversion costs) Started & Completed (46,00000- 16,000)                                     30,000                                     30,000                             30,000 Work in process, Ending                                     20,000                                     20,000                               8,000 (100% materials, 40% conversion costs) Equivalent units accounted for                                     66,000                                     50,000                             42,000 Materials Conversion Costs Total Total Cost to Account for: WIP, Beginning                                              -                                                 -                               83,000 Cost added in current period                                   198,000                                   135,000                           333,000 Total cost to be account for                                   198,000                                   135,000                           416,000 Cost added in current period                                   198,000                                   135,000                           333,000 Equivalent Units of work done in current Period                                     50,000                                     42,000 Cost per Equivalent Unit                                          3.96                                          3.21                                  7.17 Assignment of Costs: Goods Units and Completed out (46,000 Units) WIP, Beginning -16,000 Units                                              -                                                 -                               83,000 Cost added to Beg. WIP in Current period                                              -                                       12,857                             12,857 (4,000 Units X $3.21) Total of Beginning Inventory                                              -                                       12,857                             95,857 Started and completed - 30,000 Units                                   118,800                                     96,429                           215,229 (30,000 units X $3.96) (30,000 Units X $3.21) Total Cost of good units completed & transferred out                                   118,800                                   109,286                           311,086 WIP, Ending - 20,000 Units                                     79,200                                     25,714                           104,914 (20,000 units X $3.96) (8,000 Units X $3.21) Total Cost accounted For                                   198,000                                   135,000                           416,000 Cost Reconciliation Schedule: Total Cost to Account for: WIP, Beginning                                     83,000 Material added                                   198,000 Conversion Cost Incurred                                   135,000 Total cost to be account for                                   416,000 Cost Accounted for: Transferred Out                                   311,086 WIP - May 31 Material                                     79,200 Conversion Costs                                     25,714                                   104,914 Total Costs                                   416,000