Mayer Company uses a 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 on May 1 was 75% complete and work in process on May 31 was 40% complete. Complete the Production Cost Report for the Molding Department for the month of May using the above information and the information below:MAYER COMPANY Molding Department Production Cost Report For the Month Ended May 31, 2013 Equivalent Units: Quantities Physical Units Materials Conversion costsUnits to be accounted for Work in process, May 1 8,000 Started into Production 27,000 Total units 35,000 Units accounted for Transferred out 30,000 Work in process, May 31 5,000 Total units 35,000 Costs Unit costs Materials Conversion Costs TotalCosts in May $140,000 $160,000 $300,000Equivalent units Unit costs Costs to be accounted for Work in process, May 1 $60,000Started into production $240,000Total costs $300,000Cost Reconciliation Schedule Costs accounted for Transferred out Work in process, May 31 Materials Conversion costs Total cost $300,000

Mayer Company

MAYER COMPANY

Molding Department

Production Cost Report

For the Month Ended May 31, 2013

Units to be accounted for

Work in process, May 1       8,000

Started into Production     27,000

Total units                          35,000

Equivalent Units:

Units accounted for           Units       Materials    Conversion

Transferred out                30,000      30,000         30,000

Work in process, May 31    5,000        5,000           2,000

Total equivalent units      35,000      35,000         32,000

Costs Unit costs   Materials    Conversion Costs     Total

Costs in May       $140,000       $160,000              $300,000

Equivalent units     35,000           32,000

Unit costs             $4.00             $5

Costs to be accounted for

Work in process, May 1    $60,000

Started into production $240,000

Total costs                     $300,000

Cost Reconciliation Schedule   Materials Conversion  Total cost

Costs accounted for

Transferred out                         $120,000  $150,000     $270,000

Work in process, May 31              20,000       10,000         30,000

Total costs accounted for        $140,000   $160,000    $300,000

Explanation:

a) Data and Calculations:

Beginning WIP 75% complete to conversion

Ending WIP 40% complete to conversion

Work in process, May 31    5,000

Materials =  5,000 (100% * 5,000)

Conversion 2,000 (40% * 5,000)

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