Preparing a Process Costing Production Report (Weighted Average)
Bright Line Inc. makes one model of lighted baby toy. All direct materials are added at the beginning of the manufacturing process. Information for the month of September follows:
Beginning work in process (20% complete) | 60,400 units |
Direct materials | $ 75,500 |
Conversion | 76,104 |
Total cost of beginning work in process | $151,604 |
Number of units started | 128,700 units |
Number of units completed and transferred to finished goods | 147,400 units |
Ending work in process (85% complete) |
|
Direct materials cost incurred | $160,875 |
Conversion cost applied | 241,026 |
Total cost added | $401,901 |
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 September production report for Bright Line Inc.
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