Reference no: EM133049931

Question - Lauren, Inc. uses a process costing system. The following data concern the operations of the company's first processing department for a recent month.

Work in process, beginning:

Units in process 400

Stage of completion with respect to materials 90%

Stage of completion with respect to conversion costs 40%

Costs in the beginning inventory:

Materials $ 756

Conversion costs $4,448

Units started into production during the month 13,000

Costs added to production during the month:

Materials $29,949

Conversion costs $362,127

Work in process, ending:

Units in process 100

Stage of completion with respect to materials 50%

Stage of completion with respect to conversion costs 30%

Prepare a complete production report for the department using the weighted-average method.

1. Compute the equivalent units of production for materials and conversion.

2. Compute the Cost Per Equivalent Unit for Materials and Conversion.

3. Compute the cost of ending work in process inventory for materials, conversion, and in total.

4. Compute the Cost of Units transferred out to the next department for materials, conversion, and in total.

5. Prepare a Cost Reconciliation Report.