Question

Flag question Question 4 Mark 32.00 out of 38.00 Partially correct Weighted Average Process Costing Minot Processing Company manufactures one product on a continuous basis in two departments, Processing and Finishing. All materials are added at the beginning of work on the product in the Processing Department. During December 2009, the following events occurred in the Processing Department: Units started 16,000 units Units completed and transferred to Finishing Department 15,000 units Costs assigned to processing:Raw materials (one unit of raw materialsfor each unit of product started)$142,900 Manufacturing supplies used 18,000 Direct labor costs incurred 51,000 Supervisors' salaries 12,000 Other production labor costs 14,000 Depreciation on equipment 6,000 Other production costs 18,000 Additional information follows: Minot uses weighted average costing and applies manufacturing overhead to Work-in-Process at the rate of 100 percent of direct labor cost. Ending inventory in the Processing Department consists of 3,000 units that are one-third converted. Beginning inventory contained 2,000 units, one-half converted, with a cost of $34,500 ($24,500 for materials and $10,000 for conversion). (a) Prepare a cost of production report for the Processing Department for December.

Answer 1

All oher answers are correct except having red cross. So, the correct answers for those are as follows:-

Accounting for total costs:
Transferred out				$244,500
Ending Work in proces
Materials			$27,900
Convesion			$7,000	$34,900
Total costs accounted for				$279,400
Costs of goods manufactured	$244,500
Ending	$34,900

Explanaion:

Accounting for total costs:
	EUP	Cost per EUP	Total Cost
Transferred out	15000	16.3	$244,500
Ending Work in proces	EUP	Cost per EUP	Total Cost
Materials	3000	$9.30	$27,900
Convesion	1000	$7.00	$7,000
Total cost of June 30 Work in proces			$34,900
Total costs accounted for				$279,400

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