Answer:
Mayer Company
MAYER COMPANY
Molding Department
Production Cost Report
For the Month Ended May 31, 2013
Units to be accounted for
Work in process, May 1 8,000
Started into Production 27,000
Total units 35,000
Equivalent Units:
Units accounted for Units Materials Conversion
Transferred out 30,000 30,000 30,000
Work in process, May 31 5,000 5,000 2,000
Total equivalent units 35,000 35,000 32,000
Costs Unit costs Materials Conversion Costs Total
Costs in May $140,000 $160,000 $300,000
Equivalent units 35,000 32,000
Unit costs $4.00 $5
Costs to be accounted for
Work in process, May 1 $60,000
Started into production $240,000
Total costs $300,000
Cost Reconciliation Schedule Materials Conversion Total cost
Costs accounted for
Transferred out $120,000 $150,000 $270,000
Work in process, May 31 20,000 10,000 30,000
Total costs accounted for $140,000 $160,000 $300,000
Explanation:
a) Data and Calculations:
Beginning WIP 75% complete to conversion
Ending WIP 40% complete to conversion
Work in process, May 31 5,000
Materials = 5,000 (100% * 5,000)
Conversion 2,000 (40% * 5,000)
