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Managerial accounting: Weighted average method

josh
June 23, 2015 0 Comment

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:

Use an excel document with each tab labeled by item number, which demonstrates the following:

  1. Compute the equivalent units of production.
  2. Determine the cost of ending work in process inventory and of the units transferred out to the next department.
  3. Prepare a cost reconciliation schedule for the month.

Provide your answers in a clearly organized Excel spreadsheet.  Provide a brief paragraph explaining each calculation.  Check spelling and formatting for readability. Document your sources, APA citations.

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