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. APA citations.
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