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Problem
Silver Spoon Incorporated is a manufacturer of kitchen utensils. It produces all of its products in one department. The information for the current month is as follows:
Beginning work in process 40,000 unitsUnits started 52,000 unitsUnits completed 73,000 unitsEnding work in process 16,000 unitsSpoilage 3,000 unitsBeginning work-in-process direct materials $30,000Beginning work-in-process conversion $ 8,000Direct materials added during month $126,400Direct manufacturing labor during month $60,480
Beginning work in process was 25% complete as to conversion. Direct materials are added at the beginning of the process. Factory overhead is applied at a rate equal to 40% of direct manufacturing labor. Ending work in process was 60% complete. All spoilage is normal and is detected at the end of the process.
Required: Prepare a production cost worksheet if spoilage is recognized and the weighted-average method is used.
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