Question

Hey! Can I please have help with the bottom part that I got wrong? Thank you!

Callisto Company manufactures chemical additives for industrial applications. As the new cost accountant for Callisto, you have been assigned the task of completing the production cost report for the most recent period. Callisto uses the weighted average method of process costing. The following information pertains to the most recent period: Beginning WIP inventory Units started into production this period Units completed and transferred out Ending WIP inventory 16,500 units (70% complete as to materials; 75% complete as to conversion costs) 26,000 units 32,500 units 10,000 units (55% complete as to materials; 50% complete as to conversion costs) $131,000 materials; $168,000 conversion costs $254,000 materials; $430,000 conversion costs Costs in beginning inventory Current-period costs Required: Prepare a complete production report for the period using the weighted average method. (Round "Cost per equivalent unit" to 3 decimal places and the rest to the nearest whole number.) Answer is complete and correct. Quantity Schedule Units to be accounted for: Work in process, beginning Started into production Total units 16,500 26,000 42,500

Answer 1

Solution

Cost Reconciliation
	Total costs	Equivalent Units(EU)
		Material	Conversion
Cost accounted for as follows
Transferred to next department:	$ 847,568	32500	32500
Work in process, Ending
Material	$ 55,726	5500
Conversion	$ 79,735		5000
Total	$ 135,461
Total costs	$ 983,029	38000	37500

Working

Statement of Equivalent Units(Weighted average)
				Material		Conversion cost
	Units			Complete %	Equivalent units	Complete %	Equivalent units
Transferred	32,500			100%	32,500	100%	32,500
Closing WIP	10,000			55%	5,500	50%	5,000
Total	42,500			Total	38,000	Total	37,500