Preparing a Process Costing Production Report (Weighted Average)
Boxer Corporation manufactures metal toolboxes. It adds all materials at the beginning of the manufacturing process. The company has provided the following information:
Beginning work in process (30% complete) | 40,000 units |
Direct materials | $ 40,000 |
Conversion cost | 95,000 |
Total cost of beginning work in process | $135,000 |
Number of units started | 76,000 |
Number of units completed and transferred to finished goods | 82,000 |
Ending work in process (50% complete) |
|
Direct materials cost incurred | $ 90,000 |
Conversion cost applied | 157,000 |
Total cost added | $247,000 |
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 points.
d.Reconcile the total cost of work in process.
2. Summarize the preceding steps in a production report for Boxer Corporation.
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