Current Attempt in Progress Monty Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% complete and work in process inventory on May 31 was 60% complete as to conversion costs. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) MONTY COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2022 Equivalent Units of Production Conversion Costs QUANTITIES Physical Units Materials Units to be accounted for Work in process, May 1 7,840 Started into production 31,360 Total units to be accounted for 39,200 Units accounted for
Current Attempt in Progress Monty Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning of the process and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% complete and work in process inventory on May 31 was 60% complete as to conversion costs. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.) MONTY COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2022 Equivalent Units of Production Conversion Costs QUANTITIES Physical Units Materials Units to be accounted for Work in process, May 1 7,840 Started into production 31,360 Total units to be accounted for 39,200 Units accounted for
Excel Applications for Accounting Principles
4th Edition
ISBN:9781111581565
Author:Gaylord N. Smith
Publisher:Gaylord N. Smith
ChapterMB: Model-building Problems
Section: Chapter Questions
Problem 17M
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Question
![Current Attempt in Progress
Monty Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning of the
process and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% complete
and work in process inventory on May 31 was 60% complete as to conversion costs.
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the
information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.)
MONTY COMPANY
Molding Department
Production Cost Report
For the Month Ended May 31, 2022
Equivalent Units of Production
Conversion
Costs
QUANTITIES
Physical
Units
Materials
Units to be accounted for
Work in process, May 1
7,840
Started into production
31,360
Total units to be accounted for
39,200
Units accounted for](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F64d69e54-e65c-41fd-9804-ee0dd6e14a04%2F4dd499ba-1b3d-4315-86ee-eaad68467112%2Fu1rgy08_processed.jpeg&w=3840&q=75)
Transcribed Image Text:Current Attempt in Progress
Monty Company uses the weighted-average process cost system. The Molding Department adds materials at the beginning of the
process and conversion costs are incurred uniformly throughout the process. Work in process inventory on May 1 was 75% complete
and work in process inventory on May 31 was 60% complete as to conversion costs.
Complete the Production Cost Report for the Molding Department for the month of May using the above information and the
information below. (Round unit costs answers to 2 decimal places, e.g. 52.75.)
MONTY COMPANY
Molding Department
Production Cost Report
For the Month Ended May 31, 2022
Equivalent Units of Production
Conversion
Costs
QUANTITIES
Physical
Units
Materials
Units to be accounted for
Work in process, May 1
7,840
Started into production
31,360
Total units to be accounted for
39,200
Units accounted for
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