Preparing a Process Costing Production Report (Weighted Average)
Firelight Company makes camping tents in a single production department. All direct materials are added at the beginning of the manufacturing process. Information for the month of July follows:
Beginning work in process (30% complete) | 23,100 units |
Direct materials | $121,000 |
Conversion cost | 184,000 |
Total cost of beginning work in process | $305,000 |
Number of units started | 62,500 |
Number of units completed and transferred to finished goods | 77,400 |
Ending work in process (35% complete) |
|
Direct materials cost incurred | $281,700 |
Conversion cost applied | 386,200 |
Total cost added | $667,900 |
Required:
1.Using the weighted average method of process costing, complete each of the following steps:
a.Reconcile the number of physical units worked on during the period.
b.Calculate the number of equivalent units.
c.Calculate the cost per equivalent unit rounded to five decimal places.
d.Reconcile the total cost of work in process.
2. Summarize the preceding steps in a July production report for Firelight Company.
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