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:
Pounds in process, August 1; materials 100% complete; conversion 70% complete
Pounds started into production during August
Pounds completed and transferred out
Pounds in process, August 31; materials 80% complete; conversion 30% complete
Work in process inventory, August 1:
Cost added during May:
The company uses the weighted-average method.
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.