Purry Pulp makes 100% natural, biodegradable litter that is sold in pet stores across the nation....

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Question

Accounting

Purry Pulp makes 100% natural, biodegradable litter that is soldin pet stores across the nation. While still a small company, PPneeds to track inventory on a monthly basis for reports sent tocurrent and potential investors. Processing information related toMay is included below.
Tons
Percent
Complete
Materials
Percent
Complete
Conversion
Material
Cost
Conversion
Cost
WIP, May 1
5,000
100%
50%
$94,000
$133,000
Started/Incurred
15,000
$230,000
$376,000
WIP, May 31
3,000
100%
40%
Problem: Using process costing techniques, compute the endingwork-in-process inventory values and costs for materialstransferred into finished goods. Use only the Weighted AverageMethod of process costing.

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4.1 Ratings (509 Votes)

Units Reconciliation of Units A Opening WIP 5000 B Introduced 15000 CAB TOTAL 20000 D Transferred 17000 ECD Closing WIP 3000 Statement of Equivalent Units Material Conversion Cost Units Complete Equivalent units Complete Equivalent units Transferred 17000 100 17000 100 17000 Closing WIP 3000 100 3000 40 1200 Total 20000 See Answer

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Purry Pulp makes 100% natural, biodegradable litter that is sold in pet stores across the nation....

80.2K

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Accounting

Answer & Explanation Solved by verified expert

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	Tons	Percent Complete Materials	Percent Complete Conversion	Material Cost	Conversion Cost
WIP, May 1	5,000	100%	50%	$94,000	$133,000
Started/Incurred	15,000			$230,000	$376,000
WIP, May 31	3,000	100%	40%